Bill Amendment: IL SB2589 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: REGIONAL DEVELOPMENT AUTHORITY
Status: 2018-11-29 - Public Act . . . . . . . . . 100-1125 [SB2589 Detail]
Download: Illinois-2017-SB2589-Senate_Amendment_002.html
Bill Title: REGIONAL DEVELOPMENT AUTHORITY
Status: 2018-11-29 - Public Act . . . . . . . . . 100-1125 [SB2589 Detail]
Download: Illinois-2017-SB2589-Senate_Amendment_002.html
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1 | AMENDMENT TO SENATE BILL 2589
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2 | AMENDMENT NO. ______. Amend Senate Bill 2589, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Central Illinois
Economic Development | ||||||
6 | Authority
Act is amended by changing Sections 10 and 35 and by | ||||||
7 | adding Section 37 as follows:
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8 | (70 ILCS 504/10) | ||||||
9 | Sec. 10. Definitions. In this Act:
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10 | "Authority" means the Central Illinois Economic | ||||||
11 | Development Authority.
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12 | "Governmental agency" means any federal, State, or local | ||||||
13 | governmental body
and any agency or
instrumentality thereof, | ||||||
14 | corporate or otherwise.
| ||||||
15 | "Person" means any natural person, firm, partnership, | ||||||
16 | corporation, both
domestic and foreign,
company, association |
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1 | or joint stock association and includes any trustee,
receiver, | ||||||
2 | assignee or personal
representative thereof.
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3 | "Revenue bond" means any bond issued by the Authority, the | ||||||
4 | principal and
interest of which is payable
solely from revenues | ||||||
5 | or income derived from any project or activity of the
| ||||||
6 | Authority.
| ||||||
7 | "Board" means the Board of Directors of the Central | ||||||
8 | Illinois Economic
Development Authority.
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9 | "Governor" means the Governor of the State of Illinois.
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10 | "City" means any city, village, incorporated town, or | ||||||
11 | township within the
geographical territory of the
Authority.
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12 | "Industrial project" means the following:
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13 | (1) a capital project, including one or more buildings | ||||||
14 | and other
structures, improvements,
machinery and | ||||||
15 | equipment whether or not on the same site or sites now | ||||||
16 | existing
or hereafter acquired,
suitable for use by any | ||||||
17 | manufacturing, industrial, research, transportation or
| ||||||
18 | commercial enterprise
including but not limited to use as a | ||||||
19 | factory, mill, processing plant, assembly
plant, packaging | ||||||
20 | plant,
fabricating plant, ethanol plant, office building, | ||||||
21 | industrial distribution
center, warehouse,
repair, | ||||||
22 | overhaul or service
facility, freight terminal, research | ||||||
23 | facility, test facility, railroad
facility, port facility, | ||||||
24 | solid waste and wastewater
treatment and disposal sites and | ||||||
25 | other pollution control facilities, resource
or waste | ||||||
26 | reduction, recovery,
treatment and disposal facilities, |
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| |||||||
1 | and including also the sites thereof and
other rights in | ||||||
2 | land therefore
whether improved or unimproved, site | ||||||
3 | preparation and landscaping and all
appurtenances and | ||||||
4 | facilities
incidental thereto such as utilities, access | ||||||
5 | roads, railroad sidings, truck
docking and similar | ||||||
6 | facilities,
parking facilities, dockage, wharfage, | ||||||
7 | railroad roadbed, track, trestle, depot,
terminal, | ||||||
8 | switching and
signaling equipment or related equipment and | ||||||
9 | other improvements necessary or
convenient thereto; or
| ||||||
10 | (2) any land, buildings, machinery or equipment | ||||||
11 | comprising an addition to or
renovation,
rehabilitation or | ||||||
12 | improvement of any existing capital project.
| ||||||
13 | "Housing project" or "residential project" includes a | ||||||
14 | specific work or improvement undertaken to provide dwelling | ||||||
15 | accommodations, including the acquisition, construction or | ||||||
16 | rehabilitation of lands, buildings and community facilities | ||||||
17 | and in connection therewith to provide nonhousing facilities | ||||||
18 | which are an integral part of a planned large-scale project or | ||||||
19 | new community. | ||||||
20 | "Commercial project" means any project, including, but not | ||||||
21 | limited to, one or
more buildings and other
structures, | ||||||
22 | improvements, machinery, and equipment, whether or not on the | ||||||
23 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
24 | for use by any retail or wholesale concern,
distributorship, or | ||||||
25 | agency.
| ||||||
26 | "Project" means an industrial, housing, residential, |
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1 | commercial, or service
project, or any combination
thereof, | ||||||
2 | provided that all uses fall within one of the categories | ||||||
3 | described
above. Any project automatically
includes all site | ||||||
4 | improvements and new construction involving sidewalks,
sewers, | ||||||
5 | solid waste and
wastewater treatment and disposal sites and | ||||||
6 | other pollution control facilities,
resource or waste | ||||||
7 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
8 | open spaces, wildlife
sanctuaries, streets, highways, and
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9 | runways.
| ||||||
10 | "Lease agreement" means an agreement in which a project | ||||||
11 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
12 | to any person or corporation that will use, or cause the
| ||||||
13 | project to be used, as a project,
upon terms providing for | ||||||
14 | lease rental payments at least sufficient to pay, when due, all | ||||||
15 | principal of and
interest and premium, if any, on any bonds, | ||||||
16 | notes, or other evidences of indebtedness of the Authority,
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17 | issued with respect to the project, providing for the | ||||||
18 | maintenance, insurance, and operation of the project on
terms | ||||||
19 | satisfactory to the Authority and providing for disposition of | ||||||
20 | the project upon termination of the lease
term, including | ||||||
21 | purchase options or abandonment of the premises, with other | ||||||
22 | terms as may be deemed
desirable by the Authority.
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23 | "Loan agreement" means any agreement in which the Authority | ||||||
24 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
25 | evidences of indebtedness, issued with respect to a project, to
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26 | any person or corporation
which will use or cause the project |
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1 | to be used as a project, upon terms
providing for loan | ||||||
2 | repayment
installments at least sufficient to pay, when due, | ||||||
3 | all principal of and
interest and premium, if any, on any
| ||||||
4 | bonds, notes, or other evidences of indebtedness of the | ||||||
5 | Authority issued with
respect to the project,
providing for | ||||||
6 | maintenance, insurance, and operation of the project on terms
| ||||||
7 | satisfactory to the Authority
and providing for other terms | ||||||
8 | deemed advisable by the Authority.
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9 | "Financial aid" means the expenditure of Authority funds or | ||||||
10 | funds provided by
the Authority for the
development, | ||||||
11 | construction, acquisition or improvement of a project, through | ||||||
12 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
13 | indebtedness.
| ||||||
14 | "Costs incurred in connection with
the development, | ||||||
15 | construction, acquisition or improvement of a
project" means | ||||||
16 | the following:
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17 | (1) the cost of purchase and construction of all lands | ||||||
18 | and improvements in
connection therewith and
equipment and | ||||||
19 | other property, rights, easements, and franchises acquired | ||||||
20 | which
are deemed necessary for
the construction;
| ||||||
21 | (2) financing charges;
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22 | (3) interest costs with respect to bonds, notes, and | ||||||
23 | other evidences of
indebtedness of the Authority
prior to | ||||||
24 | and during construction and for a period of 6 months | ||||||
25 | thereafter;
| ||||||
26 | (4) engineering and legal expenses; and
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1 | (5) the costs of plans, specifications, surveys, and | ||||||
2 | estimates of costs and
other expenses necessary or
incident | ||||||
3 | to determining the feasibility or practicability of any | ||||||
4 | project,
together with such other expenses as
may be | ||||||
5 | necessary or incident to the financing, insuring, | ||||||
6 | acquisition, and
construction of a specific project
and the | ||||||
7 | placing of the same in operation.
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8 | "Local government project" means a project or other | ||||||
9 | undertaking that is authorized or required by law to be | ||||||
10 | acquired, constructed, reconstructed, equipped, improved, | ||||||
11 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
12 | in any manner by a local governmental unit. | ||||||
13 | "Local government security" means a bond, note, or other | ||||||
14 | evidence of indebtedness that a local governmental unit is | ||||||
15 | legally authorized to issue for the purpose of financing a | ||||||
16 | public purpose project or to issue for any other lawful public | ||||||
17 | purpose under any provision of the Illinois Constitution or | ||||||
18 | laws of this State, whether the obligation is payable from | ||||||
19 | taxes or revenues, rates, charges, assessments, | ||||||
20 | appropriations, grants, or any other lawful source or | ||||||
21 | combination thereof, and specifically includes, without | ||||||
22 | limitation, obligations under any lease or lease purchase | ||||||
23 | agreement lawfully entered into by the local governmental unit | ||||||
24 | for the acquisition or use of facilities or equipment. | ||||||
25 | "Local governmental unit" means a unit of local government, | ||||||
26 | as defined in Section 1 of Article VII of the Illinois |
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1 | Constitution, and any local public entity as that term is | ||||||
2 | defined in the Local Governmental and Governmental Employees | ||||||
3 | Tort Immunity Act and such unit of local government or local | ||||||
4 | public entity is located within the geographical territory of | ||||||
5 | the Authority. | ||||||
6 | (Source: P.A. 98-750, eff. 1-1-15 .)
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7 | (70 ILCS 504/35) | ||||||
8 | Sec. 35. Bonds.
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9 | (a) The Authority, with the written approval of the | ||||||
10 | Governor, shall have the
continuing power to issue
bonds, | ||||||
11 | notes, or other evidences of indebtedness in an aggregate | ||||||
12 | amount outstanding not to
exceed $250,000,000 for the
following | ||||||
13 | purposes: (i) development, construction, acquisition, or | ||||||
14 | improvement
of projects, including those
established by | ||||||
15 | business entities locating or expanding property within the
| ||||||
16 | territorial jurisdiction of the
Authority; (ii) entering into | ||||||
17 | venture capital agreements with businesses
locating or | ||||||
18 | expanding within the
territorial jurisdiction of the | ||||||
19 | Authority; and (iii) acquisition and improvement of
any | ||||||
20 | property necessary and
useful in connection therewith ; and (iv) | ||||||
21 | any local government projects. With respect to any local | ||||||
22 | government project, the Authority is authorized to purchase | ||||||
23 | from time to time pursuant to negotiated sale or to otherwise | ||||||
24 | acquire from time to time any local government security upon | ||||||
25 | terms and conditions as the Authority may prescribe in |
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1 | connection with the local government security . For
the purpose | ||||||
2 | of evidencing the obligations of the Authority to repay any | ||||||
3 | money
borrowed, the Authority
may, pursuant to resolution, from | ||||||
4 | time to time, issue and dispose of its interest-bearing revenue | ||||||
5 | bonds,
notes, or other evidences of indebtedness and may also | ||||||
6 | from time to time issue and dispose of such bonds,
notes, or | ||||||
7 | other evidences of indebtedness to refund, at maturity, at a | ||||||
8 | redemption date or in advance of
either, any bonds, notes, or | ||||||
9 | other evidences of indebtedness pursuant to redemption | ||||||
10 | provisions or at any
time before maturity. All such bonds, | ||||||
11 | notes, or other evidences of indebtedness shall be payable | ||||||
12 | solely and
only from the revenues or income to be derived from | ||||||
13 | loans made with respect to projects, from the leasing
or sale | ||||||
14 | of the projects, or from any other funds available to the | ||||||
15 | Authority for such purposes. The bonds,
notes, or other | ||||||
16 | evidences of indebtedness may bear such date or dates, may | ||||||
17 | mature at such time or times not
exceeding 40 years from their | ||||||
18 | respective dates, may bear interest at such rate or rates not | ||||||
19 | exceeding the
maximum rate permitted by the Bond Authorization | ||||||
20 | Act, may be in such form, may carry such registration
| ||||||
21 | privileges, may be executed in such manner, may be payable at | ||||||
22 | such place or places, may be made subject
to redemption in such | ||||||
23 | manner and upon such terms, with or without premium, as is | ||||||
24 | stated on the face
thereof, may be authenticated in such manner | ||||||
25 | and may contain such terms and
covenants as may be
provided by | ||||||
26 | an applicable resolution.
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1 | (b) The holder or holders of any bonds, notes, or other | ||||||
2 | evidences of
indebtedness issued by the
Authority may bring | ||||||
3 | suits at law or proceedings in equity to compel the
performance | ||||||
4 | and observance by
any corporation or person or by the Authority | ||||||
5 | or any of its agents or employees
of any contract or covenant
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6 | made with the holders of the bonds, notes, or other evidences | ||||||
7 | of indebtedness,
to compel such corporation,
person, the | ||||||
8 | Authority, and any of its agents or employees to perform any | ||||||
9 | duties
required to be performed
for the benefit of the holders | ||||||
10 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
11 | provision of the
resolution authorizing their issuance and to | ||||||
12 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
13 | agents or employees from taking any action in conflict with any | ||||||
14 | contract or
covenant.
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15 | (c) If the Authority fails to pay the principal of or | ||||||
16 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
17 | becomes due, a civil action to compel payment may be instituted | ||||||
18 | in the
appropriate circuit court by
the holder or holders of | ||||||
19 | the bonds on which the default of payment exists or by
an | ||||||
20 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
21 | a summons and a copy of the complaint to
the chairman of the | ||||||
22 | Board
shall constitute sufficient service to give the circuit | ||||||
23 | court jurisdiction over
the subject matter of the suit and
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24 | jurisdiction over the Authority and its officers named as | ||||||
25 | defendants for the
purpose of compelling such
payment. Any | ||||||
26 | case, controversy, or cause of action concerning the validity |
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1 | of
this Act relates to the
revenue of the State of Illinois.
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2 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
3 | or other evidence
of indebtedness and in
the absence of any | ||||||
4 | express recital on its face that it is non-negotiable, all
such | ||||||
5 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
6 | negotiable instruments. Pending the
preparation and execution | ||||||
7 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
8 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
9 | issued as provided by ordinance.
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10 | (e) To secure the payment of any or all of such bonds, | ||||||
11 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
12 | received by the Authority from a lease agreement or loan
| ||||||
13 | agreement shall be pledged, and,
for the purpose of setting | ||||||
14 | forth the covenants and undertakings of the
Authority in | ||||||
15 | connection with the
issuance of the bonds, notes, or other | ||||||
16 | evidences of indebtedness and the
issuance of any additional | ||||||
17 | bonds,
notes or other evidences of indebtedness payable from | ||||||
18 | such revenues, income, or other funds to be derived
from | ||||||
19 | projects, the Authority may execute and deliver a mortgage or | ||||||
20 | trust agreement. A remedy for any
breach or default of the | ||||||
21 | terms of any mortgage or trust agreement by the Authority may | ||||||
22 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
23 | compel performance and compliance under the terms of the
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24 | mortgage or trust agreement, but the trust agreement may | ||||||
25 | prescribe by whom or on whose behalf the action
may be | ||||||
26 | instituted.
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1 | (f) Bonds or notes shall be secured as provided in the | ||||||
2 | authorizing ordinance which may include,
notwithstanding any | ||||||
3 | other provision of this Act, in addition to any other security, | ||||||
4 | a specific pledge,
assignment of and lien on, or security | ||||||
5 | interest in any or all revenues or money of the Authority, from
| ||||||
6 | whatever source, which may, by law, be used for debt service | ||||||
7 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
8 | or security interest in any funds or accounts established or
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9 | provided for by ordinance of the
Authority authorizing the | ||||||
10 | issuance of the bonds or notes.
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11 | (g) The State of Illinois pledges to and agrees with the | ||||||
12 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
13 | to this Section that the State will not limit or alter the | ||||||
14 | rights and powers vested in the
Authority by this Act so as to | ||||||
15 | impair the terms of any contract made by the Authority with the | ||||||
16 | holders of
bonds or notes or in any way impair the rights and | ||||||
17 | remedies of those holders until the bonds and notes,
together | ||||||
18 | with interest thereon, with interest on any unpaid installments | ||||||
19 | of interest, and all costs and
expenses in connection with any | ||||||
20 | action or proceedings by or on behalf of the holders, are fully | ||||||
21 | met and
discharged. In addition, the State pledges to and | ||||||
22 | agrees with the holders of the bonds and notes of the
Authority | ||||||
23 | issued pursuant to this Section that the State will not limit | ||||||
24 | or alter the basis on which State funds
are to be paid to the | ||||||
25 | Authority as provided in this Act, or the use of such funds, so | ||||||
26 | as to impair the terms of
any such contract. The Authority is |
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1 | authorized to include these pledges and agreements of the State | ||||||
2 | in any
contract with the holders of bonds or notes issued | ||||||
3 | pursuant to this Section.
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4 | (h) (Blank).
| ||||||
5 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
6 | (70 ILCS 504/37 new) | ||||||
7 | Sec. 37. Local government securities. Any local | ||||||
8 | governmental unit which is authorized to issue, sell, and | ||||||
9 | deliver its local government securities under any provision of | ||||||
10 | the Illinois Constitution or laws of this State may issue, | ||||||
11 | sell, and deliver such local government securities to the | ||||||
12 | Authority as provided by this Act, provided that and | ||||||
13 | notwithstanding any other provision of law to the contrary, any | ||||||
14 | such local governmental unit may issue and sell any such local | ||||||
15 | government security at any interest rate, which rate or rates | ||||||
16 | may be established by an index or formula which may be | ||||||
17 | implemented by persons appointed or retained therefor, payable | ||||||
18 | at such time or times and at such price or prices to which the | ||||||
19 | local governmental unit and the Authority may agree. Any local | ||||||
20 | governmental unit may pay any amount charged by the Authority. | ||||||
21 | Any local governmental unit may pay out of the proceeds of its | ||||||
22 | local government securities or out of any other moneys or funds | ||||||
23 | available to it for such purposes any costs, fees, interest | ||||||
24 | deemed necessary, premiums or revenues incurred or required for | ||||||
25 | financing or refinancing this program, including, without |
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| |||||||
1 | limitation, any fees charged by the Authority and its share, as | ||||||
2 | determined by the Authority, of any costs, fees, interest | ||||||
3 | deemed necessary, premiums or revenues incurred or required | ||||||
4 | pursuant to this Act. All local government securities purchased | ||||||
5 | by the Authority pursuant to this Act shall upon delivery to | ||||||
6 | the Authority be accompanied by an approving opinion of bond | ||||||
7 | counsel as to the validity of such securities. The Authority | ||||||
8 | shall have discretion to purchase or otherwise acquire those | ||||||
9 | local government securities as it shall deem to be in the best | ||||||
10 | interest of its financing program for all local governmental | ||||||
11 | units taken as a whole.
| ||||||
12 | Section 10. The Eastern Illinois
Economic Development | ||||||
13 | Authority
Act is amended by changing Sections 10, 15, 20, 35, | ||||||
14 | and 45 and by adding Section 37 as follows:
| ||||||
15 | (70 ILCS 506/10) | ||||||
16 | Sec. 10. Definitions. In this Act:
| ||||||
17 | "Authority" means the Eastern Illinois Economic | ||||||
18 | Development Authority.
| ||||||
19 | "Governmental agency" means any federal, State, or local | ||||||
20 | governmental body
and any agency or
instrumentality thereof, | ||||||
21 | corporate or otherwise.
| ||||||
22 | "Person" means any natural person, firm, partnership, | ||||||
23 | corporation, both
domestic and foreign,
company, association | ||||||
24 | or joint stock association and includes any trustee,
receiver, |
| |||||||
| |||||||
1 | assignee or personal
representative thereof.
| ||||||
2 | "Revenue bond" means any bond issued by the Authority, the | ||||||
3 | principal and
interest of which is payable
solely from revenues | ||||||
4 | or income derived from any project or activity of the
| ||||||
5 | Authority.
| ||||||
6 | "Board" means the Board of Directors of the Eastern | ||||||
7 | Illinois Economic
Development Authority.
| ||||||
8 | "Governor" means the Governor of the State of Illinois.
| ||||||
9 | "City" means any city, village, incorporated town, or | ||||||
10 | township within the
geographical territory of the
Authority.
| ||||||
11 | "Industrial project" means the following:
| ||||||
12 | (1) a capital project, including one or more buildings | ||||||
13 | and other
structures, improvements,
machinery and | ||||||
14 | equipment whether or not on the same site or sites now | ||||||
15 | existing
or hereafter acquired,
suitable for use by any | ||||||
16 | manufacturing, industrial, research, transportation or
| ||||||
17 | commercial enterprise
including but not limited to use as a | ||||||
18 | factory, mill, processing plant, assembly
plant, packaging | ||||||
19 | plant,
fabricating plant, ethanol plant, office building, | ||||||
20 | industrial distribution
center, warehouse,
repair, | ||||||
21 | overhaul or service
facility, freight terminal, research | ||||||
22 | facility, test facility, railroad
facility, port facility, | ||||||
23 | solid waste and wastewater
treatment and disposal sites and | ||||||
24 | other pollution control facilities, resource
or waste | ||||||
25 | reduction, recovery,
treatment and disposal facilities, | ||||||
26 | and including also the sites thereof and
other rights in |
| |||||||
| |||||||
1 | land therefore
whether improved or unimproved, site | ||||||
2 | preparation and landscaping and all
appurtenances and | ||||||
3 | facilities
incidental thereto such as utilities, access | ||||||
4 | roads, railroad sidings, truck
docking and similar | ||||||
5 | facilities,
parking facilities, dockage, wharfage, | ||||||
6 | railroad roadbed, track, trestle, depot,
terminal, | ||||||
7 | switching and
signaling equipment or related equipment and | ||||||
8 | other improvements necessary or
convenient thereto; or
| ||||||
9 | (2) any land, buildings, machinery or equipment | ||||||
10 | comprising an addition to or
renovation,
rehabilitation or | ||||||
11 | improvement of any existing capital project.
| ||||||
12 | "Housing project" or "residential project" includes a | ||||||
13 | specific work or improvement undertaken to provide dwelling | ||||||
14 | accommodations, including the acquisition, construction, or | ||||||
15 | rehabilitation of lands, buildings, and community facilities, | ||||||
16 | and to provide non-housing facilities which are an integral | ||||||
17 | part of a planned large-scale project or new community. | ||||||
18 | "Commercial project" means any project, including, but not | ||||||
19 | limited to, one or
more buildings and other
structures, | ||||||
20 | improvements, machinery, and equipment, whether or not on the | ||||||
21 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
22 | for use by any retail or wholesale concern,
distributorship, or | ||||||
23 | agency.
| ||||||
24 | "Project" means an industrial, housing, residential, | ||||||
25 | commercial, or service
project, or any combination
thereof, | ||||||
26 | provided that all uses fall within one of the categories |
| |||||||
| |||||||
1 | described
above. Any project automatically
includes all site | ||||||
2 | improvements and new construction involving sidewalks,
sewers, | ||||||
3 | solid waste and
wastewater treatment and disposal sites and | ||||||
4 | other pollution control facilities,
resource or waste | ||||||
5 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
6 | open spaces, wildlife
sanctuaries, streets, highways, and
| ||||||
7 | runways.
| ||||||
8 | "Lease agreement" means an agreement in which a project | ||||||
9 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
10 | to any person or corporation that will use, or cause the
| ||||||
11 | project to be used, as a project,
upon terms providing for | ||||||
12 | lease rental payments at least sufficient to pay, when due, all | ||||||
13 | principal of and
interest and premium, if any, on any bonds, | ||||||
14 | notes, or other evidences of indebtedness of the Authority,
| ||||||
15 | issued with respect to the project, providing for the | ||||||
16 | maintenance, insurance, and operation of the project on
terms | ||||||
17 | satisfactory to the Authority and providing for disposition of | ||||||
18 | the project upon termination of the lease
term, including | ||||||
19 | purchase options or abandonment of the premises, with other | ||||||
20 | terms as may be deemed
desirable by the Authority.
| ||||||
21 | "Loan agreement" means any agreement in which the Authority | ||||||
22 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
23 | evidences of indebtedness, issued with respect to a project, to
| ||||||
24 | any person or corporation
which will use or cause the project | ||||||
25 | to be used as a project, upon terms
providing for loan | ||||||
26 | repayment
installments at least sufficient to pay, when due, |
| |||||||
| |||||||
1 | all principal of and
interest and premium, if any, on any
| ||||||
2 | bonds, notes, or other evidences of indebtedness of the | ||||||
3 | Authority issued with
respect to the project,
providing for | ||||||
4 | maintenance, insurance, and operation of the project on terms
| ||||||
5 | satisfactory to the Authority
and providing for other terms | ||||||
6 | deemed advisable by the Authority.
| ||||||
7 | "Financial aid" means the expenditure of Authority funds or | ||||||
8 | funds provided by
the Authority for the
development, | ||||||
9 | construction, acquisition or improvement of a project, through | ||||||
10 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
11 | indebtedness.
| ||||||
12 | "Costs incurred in connection with
the development, | ||||||
13 | construction, acquisition or improvement of a
project" means | ||||||
14 | the following:
| ||||||
15 | (1) the cost of purchase and construction of all lands | ||||||
16 | and improvements in
connection therewith and
equipment and | ||||||
17 | other property, rights, easements, and franchises acquired | ||||||
18 | which
are deemed necessary for
the construction;
| ||||||
19 | (2) financing charges;
| ||||||
20 | (3) interest costs with respect to bonds, notes, and | ||||||
21 | other evidences of
indebtedness of the Authority
prior to | ||||||
22 | and during construction and for a period of 6 months | ||||||
23 | thereafter;
| ||||||
24 | (4) engineering and legal expenses; and
| ||||||
25 | (5) the costs of plans, specifications, surveys, and | ||||||
26 | estimates of costs and
other expenses necessary or
incident |
| |||||||
| |||||||
1 | to determining the feasibility or practicability of any | ||||||
2 | project,
together with such other expenses as
may be | ||||||
3 | necessary or incident to the financing, insuring, | ||||||
4 | acquisition, and
construction of a specific project
and the | ||||||
5 | placing of the same in operation.
| ||||||
6 | "Local government project" means a project or other | ||||||
7 | undertaking that is authorized or required by law to be | ||||||
8 | acquired, constructed, reconstructed, equipped, improved, | ||||||
9 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
10 | in any manner by a local governmental unit. | ||||||
11 | "Local government security" means a bond, note, or other | ||||||
12 | evidence of indebtedness that a local governmental unit is | ||||||
13 | legally authorized to issue for the purpose of financing a | ||||||
14 | public purpose project or to issue for any other lawful public | ||||||
15 | purpose under any provision of the Illinois Constitution or | ||||||
16 | laws of this State, whether the obligation is payable from | ||||||
17 | taxes or revenues, rates, charges, assessments, | ||||||
18 | appropriations, grants, or any other lawful source or | ||||||
19 | combination thereof, and specifically includes, without | ||||||
20 | limitation, obligations under any lease or lease purchase | ||||||
21 | agreement lawfully entered into by the local governmental unit | ||||||
22 | for the acquisition or use of facilities or equipment. | ||||||
23 | "Local governmental unit" means a unit of local government, | ||||||
24 | as defined in Section 1 of Article VII of the Illinois | ||||||
25 | Constitution, and any local public entity as that term is | ||||||
26 | defined in the Local Governmental and Governmental Employees |
| |||||||
| |||||||
1 | Tort Immunity Act and such unit of local government or local | ||||||
2 | public entity is located within the geographical territory of | ||||||
3 | the Authority. | ||||||
4 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
5 | (70 ILCS 506/15)
| ||||||
6 | Sec. 15. Creation. | ||||||
7 | (a) There is created a political subdivision, body politic, | ||||||
8 | and municipal
corporation named the Eastern
Illinois Economic | ||||||
9 | Development Authority. The territorial jurisdiction of the
| ||||||
10 | Authority is that geographic
area within the boundaries of the | ||||||
11 | following counties: Ford, Iroquois, Piatt, Champaign, | ||||||
12 | Vermilion, Douglas, Moultrie, Shelby, Coles, Livingston, | ||||||
13 | McLean, and Edgar and any
navigable waters and
air space | ||||||
14 | located therein.
| ||||||
15 | (b) The governing and administrative powers of the | ||||||
16 | Authority shall be vested
in a body consisting of 16 14
members | ||||||
17 | as follows:
| ||||||
18 | (1) Ex officio members. The Director of Commerce and
| ||||||
19 | Economic Opportunity, or
a designee of that Department, | ||||||
20 | shall serve as an ex officio member.
| ||||||
21 | (2) Public members. Three members shall be appointed by | ||||||
22 | the Governor with the advice and
consent of the Senate. The | ||||||
23 | county board chairperson of the following counties
shall | ||||||
24 | each appoint one
member: Ford, Iroquois, Piatt, Champaign, | ||||||
25 | Vermilion, Douglas, Moultrie, Shelby, Coles, Livingston, |
| |||||||
| |||||||
1 | McLean, and Edgar. All public members shall reside within
| ||||||
2 | the territorial
jurisdiction of the Authority.
The public | ||||||
3 | members shall be persons of recognized ability and | ||||||
4 | experience in one
or more of the following
areas: economic | ||||||
5 | development, finance, banking, industrial development, | ||||||
6 | state or
local government, commercial agriculture, small
| ||||||
7 | business management, real
estate development, community | ||||||
8 | development, venture finance, organized labor, or
civic or | ||||||
9 | community
organization.
| ||||||
10 | (c) A majority of the members appointed under item (2) of | ||||||
11 | subsection (b) of this Section shall constitute a quorum.
| ||||||
12 | (d) The chairperson of the Authority shall be elected | ||||||
13 | annually by the Board and must be a public member that resides | ||||||
14 | within the territorial jurisdiction of the Authority.
| ||||||
15 | (e) The terms of all initial members of the Authority shall | ||||||
16 | begin 30 days
after the effective date of this
Act.
Of the 3 | ||||||
17 | original public members appointed by the Governor, 1
shall | ||||||
18 | serve until the third Monday in January, 2006; 1 shall serve | ||||||
19 | until the
third Monday in January, 2007; 1 shall serve until | ||||||
20 | the third Monday in January,
2008. The initial terms of the | ||||||
21 | original public members appointed by the county board | ||||||
22 | chairpersons shall be determined by lot, according to the | ||||||
23 | following schedule: (i) 2 shall serve until the third Monday in | ||||||
24 | January, 2006, (ii) 2 shall serve until the third Monday in | ||||||
25 | January, 2007, (iii) 2 shall serve until the third Monday in | ||||||
26 | January, 2008, (iv) 2 shall serve until the third Monday in |
| |||||||
| |||||||
1 | January, 2009, and (v) 2 shall serve until the third Monday in | ||||||
2 | January, 2010. All successors to these original
public
members | ||||||
3 | shall be appointed by the original appointing authority and all | ||||||
4 | appointments made by the Governor shall be made with the advice | ||||||
5 | and consent of the Senate, pursuant to subsection (b), and | ||||||
6 | shall hold office for a term of 6 years
commencing the third | ||||||
7 | Monday in January of the year in which their term
commences, | ||||||
8 | except in the case of an appointment to fill a vacancy.
| ||||||
9 | Vacancies occurring among the public members shall be filled | ||||||
10 | for the
remainder of the term. In case of
vacancy in a | ||||||
11 | Governor-appointed membership when the Senate is not in | ||||||
12 | session,
the Governor may make a
temporary appointment until | ||||||
13 | the next meeting of the Senate when a person shall
be nominated | ||||||
14 | to fill the
office and, upon confirmation by the Senate, he or | ||||||
15 | she shall hold office during
the remainder of the term
and | ||||||
16 | until a successor is appointed and qualified. Members of the | ||||||
17 | Authority are
not entitled to
compensation for their services | ||||||
18 | as members but are entitled to reimbursement
for all necessary | ||||||
19 | expenses
incurred in connection with the performance of their | ||||||
20 | duties as members.
| ||||||
21 | (f) The Governor or a county board chairperson, as the case | ||||||
22 | may be, may remove any public member of the Authority in case | ||||||
23 | of
incompetence, neglect of
duty, or malfeasance in office. The | ||||||
24 | chairperson of a county board may remove any
public member | ||||||
25 | appointed
by that chairperson in the case of incompetence, | ||||||
26 | neglect of duty, or malfeasance
in office.
|
| |||||||
| |||||||
1 | (g) The Board shall appoint an Executive Director who shall | ||||||
2 | have a
background in finance, including
familiarity with the | ||||||
3 | legal and procedural requirements of issuing bonds, real
| ||||||
4 | estate, or economic
development and administration. The | ||||||
5 | Executive Director shall hold office at the
discretion of the | ||||||
6 | Board.
The Executive Director shall be the chief administrative | ||||||
7 | and operational
officer of the Authority, shall
direct and | ||||||
8 | supervise its administrative affairs and general management, | ||||||
9 | perform
such other duties as may
be prescribed from time to | ||||||
10 | time by the members, and receive compensation fixed
by the | ||||||
11 | Authority. The Department of Commerce and Economic Opportunity | ||||||
12 | shall pay
the compensation of the Executive Director from | ||||||
13 | appropriations received for
that purpose. The
Executive | ||||||
14 | Director shall attend all meetings of the Authority. However, | ||||||
15 | no
action of the Authority shall be
invalid on account of the | ||||||
16 | absence of the Executive Director from a meeting. The
Authority | ||||||
17 | may engage
the services of
the Illinois Finance Authority, | ||||||
18 | attorneys, appraisers, engineers, accountants,
credit | ||||||
19 | analysts, and other consultants if the Eastern Illinois | ||||||
20 | Economic
Development Authority deems it advisable.
| ||||||
21 | (Source: P.A. 94-203, eff. 7-13-05; 95-854, eff. 8-18-08.)
| ||||||
22 | (70 ILCS 506/20)
| ||||||
23 | Sec. 20. Duty. All official acts of the Authority shall | ||||||
24 | require the
approval of at least 9 8 members. It
shall be the | ||||||
25 | duty of the Authority to promote development within the |
| |||||||
| |||||||
1 | geographic
confines of
Ford, Iroquois, Piatt, Champaign, | ||||||
2 | Vermilion, Douglas, Moultrie, Shelby, Coles, Livingston, | ||||||
3 | McLean, and Edgar
counties. The Authority shall use the powers | ||||||
4 | conferred upon it to assist in the
development, construction,
| ||||||
5 | and acquisition of industrial, commercial, housing, or | ||||||
6 | residential projects
within its territorial jurisdiction.
| ||||||
7 | (Source: P.A. 94-203, eff. 7-13-05; 95-854, eff. 8-18-08.)
| ||||||
8 | (70 ILCS 506/35) | ||||||
9 | Sec. 35. Bonds.
| ||||||
10 | (a) The Authority, with the written approval of the | ||||||
11 | Governor, shall have the
continuing power to issue
bonds, | ||||||
12 | notes, or other evidences of indebtedness in an aggregate | ||||||
13 | amount outstanding not to
exceed $500,000,000 for the
following | ||||||
14 | purposes: (i) development, construction, acquisition, or | ||||||
15 | improvement
of projects, including those
established by | ||||||
16 | business entities locating or expanding property within the
| ||||||
17 | territorial jurisdiction of the
Authority; (ii) entering into | ||||||
18 | venture capital agreements with businesses
locating or | ||||||
19 | expanding within the
territorial jurisdiction of the | ||||||
20 | Authority; (iii) acquisition and improvement of
any property | ||||||
21 | necessary and
useful in connection therewith; and (iv) for the | ||||||
22 | purposes of the Employee
Ownership Assistance Act ; and (v) any | ||||||
23 | local government projects. With respect to any local government | ||||||
24 | project, the Authority is authorized to purchase from time to | ||||||
25 | time pursuant to negotiated sale or to otherwise acquire from |
| |||||||
| |||||||
1 | time to time any local government security upon terms and | ||||||
2 | conditions as the Authority may prescribe in connection with | ||||||
3 | the local government security . For
the purpose of evidencing | ||||||
4 | the obligations of the Authority to repay any money
borrowed, | ||||||
5 | the Authority
may, pursuant to resolution, from time to time, | ||||||
6 | issue and dispose of its interest-bearing revenue bonds,
notes, | ||||||
7 | or other evidences of indebtedness and may also from time to | ||||||
8 | time issue and dispose of such bonds,
notes, or other evidences | ||||||
9 | of indebtedness to refund, at maturity, at a redemption date or | ||||||
10 | in advance of
either, any bonds, notes, or other evidences of | ||||||
11 | indebtedness pursuant to redemption provisions or at any
time | ||||||
12 | before maturity. All such bonds, notes, or other evidences of | ||||||
13 | indebtedness shall be payable solely and
only from the revenues | ||||||
14 | or income to be derived from loans made with respect to | ||||||
15 | projects, from the leasing
or sale of the projects, or from any | ||||||
16 | other funds available to the Authority for such purposes. The | ||||||
17 | bonds,
notes, or other evidences of indebtedness may bear such | ||||||
18 | date or dates, may mature at such time or times not
exceeding | ||||||
19 | 40 years from their respective dates, may bear interest at such | ||||||
20 | rate or rates not exceeding the
maximum rate permitted by the | ||||||
21 | Bond Authorization Act, may be in such form, may carry such | ||||||
22 | registration
privileges, may be executed in such manner, may be | ||||||
23 | payable at such place or places, may be made subject
to | ||||||
24 | redemption in such manner and upon such terms, with or without | ||||||
25 | premium, as is stated on the face
thereof, may be authenticated | ||||||
26 | in such manner and may contain such terms and
covenants as may |
| |||||||
| |||||||
1 | be
provided by an applicable resolution.
| ||||||
2 | (b) The holder or holders of any bonds, notes, or other | ||||||
3 | evidences of
indebtedness issued by the
Authority may bring | ||||||
4 | suits at law or proceedings in equity to compel the
performance | ||||||
5 | and observance by
any corporation or person or by the Authority | ||||||
6 | or any of its agents or employees
of any contract or covenant
| ||||||
7 | made with the holders of the bonds, notes, or other evidences | ||||||
8 | of indebtedness,
to compel such corporation,
person, the | ||||||
9 | Authority, and any of its agents or employees to perform any | ||||||
10 | duties
required to be performed
for the benefit of the holders | ||||||
11 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
12 | provision of the
resolution authorizing their issuance and to | ||||||
13 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
14 | agents or employees from taking any action in conflict with any | ||||||
15 | contract or
covenant.
| ||||||
16 | (c) If the Authority fails to pay the principal of or | ||||||
17 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
18 | becomes due, a civil action to compel payment may be instituted | ||||||
19 | in the
appropriate circuit court by
the holder or holders of | ||||||
20 | the bonds on which the default of payment exists or by
an | ||||||
21 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
22 | a summons and a copy of the complaint to
the chairman of the | ||||||
23 | Board
shall constitute sufficient service to give the circuit | ||||||
24 | court jurisdiction over
the subject matter of the suit and
| ||||||
25 | jurisdiction over the Authority and its officers named as | ||||||
26 | defendants for the
purpose of compelling such
payment. Any |
| |||||||
| |||||||
1 | case, controversy, or cause of action concerning the validity | ||||||
2 | of
this Act relates to the
revenue of the State of Illinois.
| ||||||
3 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
4 | or other evidence
of indebtedness and in
the absence of any | ||||||
5 | express recital on its face that it is non-negotiable, all
such | ||||||
6 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
7 | negotiable instruments. Pending the
preparation and execution | ||||||
8 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
9 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
10 | issued as provided by ordinance.
| ||||||
11 | (e) To secure the payment of any or all of such bonds, | ||||||
12 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
13 | received by the Authority from a lease agreement or loan
| ||||||
14 | agreement shall be pledged, and,
for the purpose of setting | ||||||
15 | forth the covenants and undertakings of the
Authority in | ||||||
16 | connection with the
issuance of the bonds, notes, or other | ||||||
17 | evidences of indebtedness and the
issuance of any additional | ||||||
18 | bonds,
notes or other evidences of indebtedness payable from | ||||||
19 | such revenues, income, or other funds to be derived
from | ||||||
20 | projects, the Authority may execute and deliver a mortgage or | ||||||
21 | trust agreement. A remedy for any
breach or default of the | ||||||
22 | terms of any mortgage or trust agreement by the Authority may | ||||||
23 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
24 | compel performance and compliance under the terms of the
| ||||||
25 | mortgage or trust agreement, but the trust agreement may | ||||||
26 | prescribe by whom or on whose behalf the action
may be |
| |||||||
| |||||||
1 | instituted.
| ||||||
2 | (f) Bonds or notes shall be secured as provided in the | ||||||
3 | authorizing ordinance which may include,
notwithstanding any | ||||||
4 | other provision of this Act, in addition to any other security, | ||||||
5 | a specific pledge,
assignment of and lien on, or security | ||||||
6 | interest in any or all revenues or money of the Authority, from
| ||||||
7 | whatever source, which may, by law, be used for debt service | ||||||
8 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
9 | or security interest in any funds or accounts established or
| ||||||
10 | provided for by ordinance of the
Authority authorizing the | ||||||
11 | issuance of the bonds or notes.
| ||||||
12 | (g) The State of Illinois pledges to and agrees with the | ||||||
13 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
14 | to this Section that the State will not limit or alter the | ||||||
15 | rights and powers vested in the
Authority by this Act so as to | ||||||
16 | impair the terms of any contract made by the Authority with the | ||||||
17 | holders of
bonds or notes or in any way impair the rights and | ||||||
18 | remedies of those holders until the bonds and notes,
together | ||||||
19 | with interest thereon, with interest on any unpaid installments | ||||||
20 | of interest, and all costs and
expenses in connection with any | ||||||
21 | action or proceedings by or on behalf of the holders, are fully | ||||||
22 | met and
discharged. In addition, the State pledges to and | ||||||
23 | agrees with the holders of the bonds and notes of the
Authority | ||||||
24 | issued pursuant to this Section that the State will not limit | ||||||
25 | or alter the basis on which State funds
are to be paid to the | ||||||
26 | Authority as provided in this Act, or the use of such funds, so |
| |||||||
| |||||||
1 | as to impair the terms of
any such contract. The Authority is | ||||||
2 | authorized to include these pledges and agreements of the State | ||||||
3 | in any
contract with the holders of bonds or notes issued | ||||||
4 | pursuant to this Section.
| ||||||
5 | (h) (Blank).
| ||||||
6 | (Source: P.A. 100-573, eff. 12-29-17.)
| ||||||
7 | (70 ILCS 506/37 new) | ||||||
8 | Sec. 37. Local government securities. Any local | ||||||
9 | governmental unit which is authorized to issue, sell, and | ||||||
10 | deliver its local government securities under any provision of | ||||||
11 | the Illinois Constitution or laws of this State may issue, | ||||||
12 | sell, and deliver such local government securities to the | ||||||
13 | Authority as provided by this Act, provided that and | ||||||
14 | notwithstanding any other provision of law to the contrary, any | ||||||
15 | such local governmental unit may issue and sell any such local | ||||||
16 | government security at any interest rate, which rate or rates | ||||||
17 | may be established by an index or formula which may be | ||||||
18 | implemented by persons appointed or retained therefor, payable | ||||||
19 | at such time or times and at such price or prices to which the | ||||||
20 | local governmental unit and the Authority may agree. Any local | ||||||
21 | governmental unit may pay any amount charged by the Authority. | ||||||
22 | Any local governmental unit may pay out of the proceeds of its | ||||||
23 | local government securities or out of any other moneys or funds | ||||||
24 | available to it for such purposes any costs, fees, interest | ||||||
25 | deemed necessary, premiums or revenues incurred or required for |
| |||||||
| |||||||
1 | financing or refinancing this program, including, without | ||||||
2 | limitation, any fees charged by the Authority and its share, as | ||||||
3 | determined by the Authority, of any costs, fees, interest | ||||||
4 | deemed necessary, premiums or revenues incurred or required | ||||||
5 | pursuant to this Act. All local government securities purchased | ||||||
6 | by the Authority pursuant to this Act shall upon delivery to | ||||||
7 | the Authority be accompanied by an approving opinion of bond | ||||||
8 | counsel as to the validity of such securities. The Authority | ||||||
9 | shall have discretion to purchase or otherwise acquire those | ||||||
10 | local government securities as it shall deem to be in the best | ||||||
11 | interest of its financing program for all local governmental | ||||||
12 | units taken as a whole.
| ||||||
13 | (70 ILCS 506/45)
| ||||||
14 | Sec. 45. Acquisition.
| ||||||
15 | (a) The Authority may, but need not, acquire title to any | ||||||
16 | project with
respect to which it exercises its
authority.
| ||||||
17 | (b) The Authority shall have power to acquire by purchase, | ||||||
18 | lease, gift, or
otherwise any property or
rights therein from | ||||||
19 | any person or persons, the State of Illinois, any municipal
| ||||||
20 | corporation, any local unit of
government, the government of | ||||||
21 | the United States and any agency or
instrumentality of the | ||||||
22 | United States,
any body politic, or any county useful for its | ||||||
23 | purposes, whether improved for
the purposes of any
prospective | ||||||
24 | project or unimproved. The Authority may also accept any | ||||||
25 | donation
of funds for its purposes
from any of these sources.
|
| |||||||
| |||||||
1 | (c) The Authority shall have power to develop, construct, | ||||||
2 | and improve,
either under its own direction or
through | ||||||
3 | collaboration with any approved applicant, or to acquire, | ||||||
4 | through
purchase or otherwise, any
project, using for this | ||||||
5 | purpose the proceeds derived from its sale of revenue
bonds, | ||||||
6 | notes, or other
evidences of indebtedness or governmental loans | ||||||
7 | or grants and shall have the
power to hold title to those
| ||||||
8 | projects in the name of the Authority.
| ||||||
9 | (d) The Authority shall have the power to enter into | ||||||
10 | intergovernmental
agreements with the State of
Illinois, the | ||||||
11 | counties of Ford, Iroquois, Piatt, Champaign, Vermilion, | ||||||
12 | Douglas, Moultrie, Shelby, Coles, Livingston, McLean, or | ||||||
13 | Edgar, the Illinois
Development Finance Authority, the | ||||||
14 | Illinois Housing
Development Authority, the Illinois Education | ||||||
15 | Facilities Authority, the
Illinois
Farm
Development Authority, | ||||||
16 | the Rural Bond Bank,
the United States government and any | ||||||
17 | agency or instrumentality of the United
States, any unit
of | ||||||
18 | local government located within the territory of the Authority, | ||||||
19 | or any other
unit of government to the
extent allowed by | ||||||
20 | Article VII, Section 10 of the Illinois Constitution and the
| ||||||
21 | Intergovernmental
Cooperation Act.
| ||||||
22 | (e) The Authority shall have the power to share employees | ||||||
23 | with other units
of government, including
agencies of the | ||||||
24 | United States, agencies of the State of Illinois, and agencies
| ||||||
25 | or personnel of any unit of
local government.
| ||||||
26 | (f) The Authority shall have the power to exercise powers |
| |||||||
| |||||||
1 | and issue bonds as
if it were a municipality so
authorized in | ||||||
2 | Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| ||||||
3 | Illinois Municipal Code.
| ||||||
4 | (Source: P.A. 94-203, eff. 7-13-05.)
| ||||||
5 | Section 15. The Quad Cities Regional Economic Development
| ||||||
6 | Authority Act, approved September 22, 1987, is amended by | ||||||
7 | changing Sections 3, 4, 7, 9, and 14 and by adding Section 9.5 | ||||||
8 | as follows:
| ||||||
9 | (70 ILCS 510/3) (from Ch. 85, par. 6203)
| ||||||
10 | Sec. 3.
The following terms, whenever used or referred to | ||||||
11 | in this
Act, shall have the following meanings, except in such | ||||||
12 | instances where the
context may clearly indicate otherwise:
| ||||||
13 | (a) "Authority" means the Quad Cities Regional Economic | ||||||
14 | Development Authority
created by this Act.
| ||||||
15 | (b) "Governmental agency" means any federal, State or local | ||||||
16 | governmental
body, and any agency or instrumentality thereof, | ||||||
17 | corporate or otherwise.
| ||||||
18 | (c) "Person" means any natural person, firm, partnership, | ||||||
19 | corporation,
both domestic and foreign, company, association | ||||||
20 | or joint stock association
and includes any trustee, receiver, | ||||||
21 | assignee or personal representative thereof.
| ||||||
22 | (d) "Revenue bond" means any bond issued by the Authority | ||||||
23 | the principal
and interest of which is payable solely from | ||||||
24 | revenues or income
derived from any project or activity of the |
| |||||||
| |||||||
1 | Authority.
| ||||||
2 | (e) "Board" means the Quad Cities Regional Economic | ||||||
3 | Development
Authority Board of Directors.
| ||||||
4 | (f) "Governor" means the Governor of the State of Illinois.
| ||||||
5 | (g) "City" means any city, village, incorporated town or | ||||||
6 | township
within the geographical territory of the Authority.
| ||||||
7 | (h) "Industrial project" means (1) a capital project, | ||||||
8 | including one or
more buildings and other structures, | ||||||
9 | improvements, machinery and equipment
whether or not on the | ||||||
10 | same site or sites now existing or hereafter
acquired, suitable | ||||||
11 | for use by any manufacturing, industrial, research,
| ||||||
12 | transportation or commercial enterprise including but not | ||||||
13 | limited to use
as a factory, mill, processing plant, assembly | ||||||
14 | plant, packaging plant,
fabricating plant, office building, | ||||||
15 | industrial distribution center,
warehouse, repair, overhaul or | ||||||
16 | service facility, freight terminal, research
facility, test | ||||||
17 | facility, railroad facility, solid waste and wastewater
| ||||||
18 | treatment and disposal sites and other pollution control | ||||||
19 | facilities,
resource or waste reduction, recovery, treatment | ||||||
20 | and disposal facilities,
and including also the sites thereof | ||||||
21 | and other rights in land therefor
whether improved or | ||||||
22 | unimproved, site preparation and landscaping and all
| ||||||
23 | appurtenances and facilities incidental thereto such as | ||||||
24 | utilities, access
roads, railroad sidings, truck docking and | ||||||
25 | similar facilities, parking
facilities, dockage, wharfage, | ||||||
26 | railroad roadbed, track, trestle, depot,
terminal, switching |
| |||||||
| |||||||
1 | and signaling equipment or related equipment and other
| ||||||
2 | improvements necessary or convenient thereto; or (2) any land, | ||||||
3 | buildings,
machinery or equipment comprising an addition to or | ||||||
4 | renovation,
rehabilitation or improvement of any existing | ||||||
5 | capital project.
| ||||||
6 | (i) "Housing project" or "residential project" includes a | ||||||
7 | specific work
or improvement undertaken to provide dwelling | ||||||
8 | accommodations, including the
acquisition, construction or | ||||||
9 | rehabilitation of lands, buildings and
community facilities | ||||||
10 | and in connection therewith to provide nonhousing
facilities | ||||||
11 | which are an integral part of a planned large-scale project or | ||||||
12 | new community.
| ||||||
13 | (j) "Commercial project" means any project, including but | ||||||
14 | not limited to
one or more buildings and other structures, | ||||||
15 | improvements, machinery and
equipment whether or not on the | ||||||
16 | same site or sites now existing or
hereafter acquired, suitable | ||||||
17 | for use by any retail or wholesale concern,
distributorship or | ||||||
18 | agency, any cultural facilities of a for-profit or
| ||||||
19 | not-for-profit type including but not limited to educational, | ||||||
20 | theatrical, recreational and
entertainment, sports facilities, | ||||||
21 | racetracks, stadiums, convention centers,
exhibition halls, | ||||||
22 | arenas, opera houses and theaters, waterfront
improvements, | ||||||
23 | swimming pools, boat storage, moorage, docking facilities,
| ||||||
24 | restaurants, velodromes, coliseums, sports training | ||||||
25 | facilities,
parking facilities, terminals, hotels and motels, | ||||||
26 | gymnasiums, medical
facilities and port facilities.
|
| |||||||
| |||||||
1 | (k) "Project" means an industrial, housing, residential, | ||||||
2 | commercial or
service project or any combination thereof | ||||||
3 | provided that all uses shall
fall within one of the categories | ||||||
4 | described above. Any project, of any
nature whatsoever, shall | ||||||
5 | automatically include all site improvements and
new | ||||||
6 | construction involving sidewalks, sewers, solid waste and | ||||||
7 | wastewater
treatment and disposal sites and other pollution | ||||||
8 | control facilities,
resource or waste reduction, recovery, | ||||||
9 | treatment and disposal facilities,
parks, open spaces, | ||||||
10 | wildlife sanctuaries, streets, highways and runways.
| ||||||
11 | (l) "Lease agreement" shall mean an agreement whereby a | ||||||
12 | project acquired
by the Authority by purchase, gift or lease is | ||||||
13 | leased to any person or
corporation which will use or cause the | ||||||
14 | project to be used as a project as
heretofore defined upon | ||||||
15 | terms providing for lease rental payments at least
sufficient | ||||||
16 | to pay when due all principal of and interest and premium, if | ||||||
17 | any,
on any bonds, notes or other evidences of indebtedness of | ||||||
18 | the Authority
issued with respect to such project, providing | ||||||
19 | for the maintenance,
insurance and operation of the project on | ||||||
20 | terms satisfactory to the
Authority and providing for | ||||||
21 | disposition of the project upon termination of
the lease term, | ||||||
22 | including purchase options or abandonment of the premises,
with | ||||||
23 | such other terms as may be deemed desirable by the Authority.
| ||||||
24 | (m) "Loan agreement" means any agreement pursuant to which | ||||||
25 | the Authority
agrees to loan the proceeds of its bonds, notes | ||||||
26 | or other evidences of
indebtedness issued with respect to a |
| |||||||
| |||||||
1 | project to any person or corporation
which will use or cause | ||||||
2 | the project to be used as a project as heretofore
defined upon | ||||||
3 | terms providing for loan repayment installments at least
| ||||||
4 | sufficient to pay when due all principal of and interest and | ||||||
5 | premium, if any,
on any bonds, notes or other evidences of | ||||||
6 | indebtedness of the Authority
issued with respect to the | ||||||
7 | project, providing for maintenance,
insurance and operation of | ||||||
8 | the project on terms satisfactory to the
Authority and | ||||||
9 | providing for other matters as may be deemed advisable by the | ||||||
10 | Authority.
| ||||||
11 | (n) "Financial aid" means the expenditure of Authority | ||||||
12 | funds or funds
provided by the Authority through the issuance | ||||||
13 | of its revenue bonds, notes
or other evidences of indebtedness | ||||||
14 | for the development, construction,
acquisition or improvement | ||||||
15 | of a project.
| ||||||
16 | (o) "Costs incurred in connection with the development, | ||||||
17 | construction,
acquisition or improvement of a project" means | ||||||
18 | the following: the cost of
purchase and construction of all | ||||||
19 | lands and improvements in connection
therewith and equipment | ||||||
20 | and other property, rights, easements and franchises
acquired | ||||||
21 | which are deemed necessary for such construction; financing
| ||||||
22 | charges; interest costs with respect to bonds, notes and other | ||||||
23 | evidences of
indebtedness of the Authority prior to and during | ||||||
24 | construction and for a
period of 6 months thereafter; | ||||||
25 | engineering and legal expenses; the costs of plans,
| ||||||
26 | specifications, surveys and estimates of costs and other |
| |||||||
| |||||||
1 | expenses necessary or
incident to determining the feasibility | ||||||
2 | or practicability of any project,
together with such other | ||||||
3 | expenses as may be necessary or incident to the
financing, | ||||||
4 | insuring, acquisition and construction of a specific project | ||||||
5 | and
the placing of the same in operation.
| ||||||
6 | (p) "Terminal" means a public place, station or depot for | ||||||
7 | receiving and
delivering passengers, baggage, mail, freight or | ||||||
8 | express matter and any
combination thereof in connection with | ||||||
9 | the transportation of
persons and property on water or land or | ||||||
10 | in the air.
| ||||||
11 | (q) "Terminal facilities" means all land, buildings, | ||||||
12 | structures,
improvements, equipment and appliances useful in | ||||||
13 | the operation of public
warehouse, storage and transportation | ||||||
14 | facilities and industrial,
manufacturing or commercial | ||||||
15 | activities for the accommodation of or in
connection with | ||||||
16 | commerce by water or land or in the air or useful as an
aid, or | ||||||
17 | constituting an advantage or convenience to, the safe landing,
| ||||||
18 | taking off and navigation of aircraft or the safe and efficient | ||||||
19 | operation
or maintenance of a public airport.
| ||||||
20 | (r) "Port facilities" means all public structures, except | ||||||
21 | terminal
facilities as defined herein, that are in, over, under | ||||||
22 | or adjacent to
navigable waters and are necessary for or | ||||||
23 | incident to the furtherance of
water commerce and includes the | ||||||
24 | widening and deepening of slips, harbors
and navigable waters.
| ||||||
25 | (s) "Airport" means any locality, either land or water, | ||||||
26 | which is used or
designed for the landing and taking off of |
| |||||||
| |||||||
1 | aircraft or for the location of
runways, landing fields, | ||||||
2 | aerodromes, hangars, buildings, structures,
airport roadways | ||||||
3 | and other facilities.
| ||||||
4 | (t) "Local government project" means a project or other | ||||||
5 | undertaking that is authorized or required by law to be | ||||||
6 | acquired, constructed, reconstructed, equipped, improved, | ||||||
7 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
8 | in any manner by a local governmental unit. | ||||||
9 | (u) "Local government security" means a bond, note, or | ||||||
10 | other evidence of indebtedness that a local governmental unit | ||||||
11 | is legally authorized to issue for the purpose of financing a | ||||||
12 | public purpose project or to issue for any other lawful public | ||||||
13 | purpose under any provision of the Illinois Constitution or | ||||||
14 | laws of this State, whether the obligation is payable from | ||||||
15 | taxes or revenues, rates, charges, assessments, | ||||||
16 | appropriations, grants, or any other lawful source or | ||||||
17 | combination thereof, and specifically includes, without | ||||||
18 | limitation, obligations under any lease or lease purchase | ||||||
19 | agreement lawfully entered into by the local governmental unit | ||||||
20 | for the acquisition or use of facilities or equipment. | ||||||
21 | (v) "Local governmental unit" means a unit of local | ||||||
22 | government, as defined in Section 1 of Article VII of the | ||||||
23 | Illinois Constitution, and any local public entity as that term | ||||||
24 | is defined in the Local Governmental and Governmental Employees | ||||||
25 | Tort Immunity Act and such unit of local government or local | ||||||
26 | public entity is located within the geographical territory of |
| |||||||
| |||||||
1 | the Authority. | ||||||
2 | (Source: P.A. 85-713.)
| ||||||
3 | (70 ILCS 510/4) (from Ch. 85, par. 6204)
| ||||||
4 | Sec. 4. (a) There is hereby created a political | ||||||
5 | subdivision, body politic
and municipal corporation named the | ||||||
6 | Quad Cities Regional Economic Development
Authority.
The | ||||||
7 | territorial jurisdiction of the Authority is that geographic | ||||||
8 | area
within the boundaries of Jo Daviess, Carroll, Whiteside, | ||||||
9 | Stephenson, Lee, Rock Island, Henry, Knox, Winnebago, Stark, | ||||||
10 | Ogle, and Mercer counties in
the State of
Illinois and any | ||||||
11 | navigable waters and air space located therein.
| ||||||
12 | (b) The governing and administrative powers of the | ||||||
13 | Authority shall be
vested in a body consisting of 19 16
members | ||||||
14 | including, as an ex officio
member,
the Director of Commerce | ||||||
15 | and Economic Opportunity, or his or her
designee.
The other | ||||||
16 | members of the Authority
shall be designated "public members", | ||||||
17 | 6 of whom shall be
appointed by the Governor
with the advice | ||||||
18 | and consent of the Senate. Of the 6 members
appointed by
the | ||||||
19 | Governor, one shall be from a city within the Authority's | ||||||
20 | territory
with a population of 25,000 or more and the remainder | ||||||
21 | shall be appointed at
large. Of the 6 members appointed by the | ||||||
22 | Governor, 2 members shall
have
business or finance experience. | ||||||
23 | One member shall be appointed by each of
the county board | ||||||
24 | chairmen of Rock Island, Henry, Knox, and Mercer
Counties with | ||||||
25 | the advice and consent of the respective county board.
Within |
| |||||||
| |||||||
1 | 60 days after the effective date of this amendatory Act of the | ||||||
2 | 97th General Assembly, one additional public member shall be | ||||||
3 | appointed by each of the county board chairpersons of Jo | ||||||
4 | Daviess, Carroll, Whiteside, Stephenson, and Lee counties with | ||||||
5 | the advice and consent of the respective county board. Of the | ||||||
6 | public members added by this amendatory Act of the 97th General | ||||||
7 | Assembly, one shall serve for a one-year term, 2 shall serve | ||||||
8 | for 2-year terms, and 2 shall serve for 3-year terms, to be | ||||||
9 | determined by lot. No later than 60 days after the effective | ||||||
10 | date of this amendatory Act of the 100th General Assembly, one | ||||||
11 | additional public member shall be appointed by each of the | ||||||
12 | county board chairpersons of Winnebago, Stark, and Ogle | ||||||
13 | counties with the advice and consent of the respective county | ||||||
14 | board. Of the public members added by this amendatory Act of | ||||||
15 | the 100th General Assembly, one shall serve for a one-year | ||||||
16 | term, one shall serve for a 2-year term, and one shall serve | ||||||
17 | for a 3-year term, to be determined by lot. Their successors | ||||||
18 | shall serve for 3-year terms. All public members shall reside | ||||||
19 | within the territorial jurisdiction of this
Act. Ten Nine
| ||||||
20 | members shall constitute a quorum.
The public members shall be
| ||||||
21 | persons of recognized ability and
experience in one or more of | ||||||
22 | the following areas: economic development,
finance, banking, | ||||||
23 | industrial development, small business management, real
estate | ||||||
24 | development, community development, venture finance, organized | ||||||
25 | labor
or civic, community or neighborhood organization. The | ||||||
26 | Chairman of the
Authority shall be a public member elected by |
| |||||||
| |||||||
1 | the affirmative vote of not
fewer than 6 members of the | ||||||
2 | Authority, except that any chairperson elected on or after the | ||||||
3 | effective date of this amendatory Act of the 100the General | ||||||
4 | Assembly on or after the effective date of this amendatory Act | ||||||
5 | of the 97th General Assembly shall be elected by the | ||||||
6 | affirmative vote of not fewer than 10 9 members. The term of | ||||||
7 | the Chairman
shall be one year.
| ||||||
8 | (c) The terms of the initial
members of the Authority shall | ||||||
9 | begin 30 days after
the effective date of this Act, except (i) | ||||||
10 | the terms of those
members added by this
amendatory Act of 1989 | ||||||
11 | shall begin 30 days after the effective
date of this amendatory | ||||||
12 | Act of 1989 and (ii) the terms of those members added
by this | ||||||
13 | amendatory Act of the 92nd General Assembly shall begin 30 days | ||||||
14 | after
the effective date of this amendatory Act of the 92nd | ||||||
15 | General Assembly. Of
the 10 public members
appointed pursuant | ||||||
16 | to this Act, 2 (one of whom shall be appointed by the
Governor) | ||||||
17 | shall serve until the
third Monday in January, 1989, 2 (one of | ||||||
18 | whom shall be appointed by the
Governor) shall serve until the | ||||||
19 | third Monday in
January, 1990, 2
(one of whom shall be | ||||||
20 | appointed by the Governor) shall serve until the
third Monday | ||||||
21 | in January, 1991, 2 (both of whom shall be appointed by
the | ||||||
22 | Governor) shall serve until the third Monday in January, 1992, | ||||||
23 | and 2 (one
of whom shall be appointed by the Governor and one | ||||||
24 | of whom shall be appointed
by the county board chairman of Knox | ||||||
25 | County) shall serve until the third Monday
in January, 2004.
| ||||||
26 | The initial terms of the members appointed by the county board |
| |||||||
| |||||||
1 | chairmen
(other than the county board chairman of Knox County)
| ||||||
2 | shall be determined by lot. All successors shall be appointed | ||||||
3 | by the
original appointing authority and
hold office for a term | ||||||
4 | of 3 years commencing the third
Monday in January of the year | ||||||
5 | in which their term commences, except in case
of an appointment | ||||||
6 | to fill a vacancy.
Vacancies
occurring among the public members | ||||||
7 | shall be filled for the
remainder of the term.
In case of | ||||||
8 | vacancy in a Governor-appointed membership when
the Senate is | ||||||
9 | not in session, the Governor may make a temporary appointment
| ||||||
10 | until the next meeting of the Senate when a person shall be | ||||||
11 | nominated to
fill such office, and any person so nominated who | ||||||
12 | is confirmed by the
Senate shall hold office during the | ||||||
13 | remainder of the term and until a
successor shall be appointed | ||||||
14 | and qualified.
Members of the Authority shall not be entitled | ||||||
15 | to compensation for their
services
as members but shall be | ||||||
16 | entitled to reimbursement for all necessary
expenses incurred | ||||||
17 | in connection with the performance of their duties as members.
| ||||||
18 | (d) The Governor may remove any public member of the | ||||||
19 | Authority appointed
by the Governor in case
of incompetency, | ||||||
20 | neglect of duty, or malfeasance in office. The Chairman
of a | ||||||
21 | county board may remove any public member of the Authority | ||||||
22 | appointed
by such Chairman in the case of incompetency, neglect | ||||||
23 | of duty, or malfeasance in office.
| ||||||
24 | (e) The Board shall appoint an Executive Director who shall | ||||||
25 | have a
background in finance, including familiarity with the | ||||||
26 | legal and
procedural requirements of issuing bonds, real estate |
| |||||||
| |||||||
1 | or economic
development and administration. The Executive | ||||||
2 | Director shall hold office
at the discretion of the Board. The | ||||||
3 | Executive Director shall be the chief
administrative and | ||||||
4 | operational officer of the Authority, shall direct
and | ||||||
5 | supervise its administrative affairs and general management, | ||||||
6 | shall perform
such other duties as may be prescribed from time | ||||||
7 | to time by the members and
shall receive compensation fixed by | ||||||
8 | the Authority.
The Authority may engage the services of such
| ||||||
9 | other agents and employees, including attorneys, appraisers, | ||||||
10 | engineers,
accountants, credit analysts and other consultants, | ||||||
11 | as it may deem
advisable and may prescribe their duties and fix | ||||||
12 | their compensation.
| ||||||
13 | (f) The Board shall create a task force to study and make
| ||||||
14 | recommendations to the Board on the economic development of the | ||||||
15 | territory
within the jurisdiction of this Act. The number of | ||||||
16 | members
constituting the task force shall be set by the Board | ||||||
17 | and may vary from
time to time. The Board may set a specific | ||||||
18 | date by which the task force is
to submit its final report and | ||||||
19 | recommendations to the Board.
| ||||||
20 | (Source: P.A. 97-278, eff. 8-8-11; 98-463, eff. 8-16-13.)
| ||||||
21 | (70 ILCS 510/7) (from Ch. 85, par. 6207)
| ||||||
22 | Sec. 7.
All official acts of the Authority shall require | ||||||
23 | the
approval of at least 10 4 members.
| ||||||
24 | (Source: P.A. 85-713.)
|
| |||||||
| |||||||
1 | (70 ILCS 510/9) (from Ch. 85, par. 6209)
| ||||||
2 | Sec. 9. Bonds and notes. | ||||||
3 | (a)(1) The Authority may, with the written
approval of the | ||||||
4 | Governor, at any time and from time to time, issue bonds and
| ||||||
5 | notes for any corporate purpose, including the establishment of | ||||||
6 | reserves , and
the payment of interest , and any local government | ||||||
7 | projects . In this Act the term "bonds" includes notes of
any | ||||||
8 | kind, interim certificates, refunding bonds or any other | ||||||
9 | evidence of obligation.
| ||||||
10 | (2) The bonds of any issue shall be payable solely from the | ||||||
11 | property or
receipts of the Authority, including, without | ||||||
12 | limitation:
| ||||||
13 | (I) fees, charges or other revenues payable to the | ||||||
14 | Authority;
| ||||||
15 | (II) payments by financial institutions, insurance | ||||||
16 | companies, or others
pursuant to letters or lines of | ||||||
17 | credit, policies of insurance, or purchase agreements;
| ||||||
18 | (III) investment earnings from funds or accounts | ||||||
19 | maintained pursuant to
a bond resolution or trust | ||||||
20 | agreement; and
| ||||||
21 | (IV) proceeds of refunding bonds.
| ||||||
22 | (3) Bonds shall be authorized by a resolution of the | ||||||
23 | Authority and may
be secured by a trust agreement by and | ||||||
24 | between the Authority and a
corporate trustee or trustees, | ||||||
25 | which may be any trust company or bank
having the powers of a | ||||||
26 | trust company within or without the State. Bonds shall:
|
| |||||||
| |||||||
1 | (I) be issued at, above or below par value, for cash or | ||||||
2 | other valuable
consideration, and mature at time or times, | ||||||
3 | whether as serial bonds or as
term bonds or both, not | ||||||
4 | exceeding 40 years from their respective date of
issue; | ||||||
5 | however, the length of the term of the bond should bear a | ||||||
6 | reasonable
relationship to the value life of the item | ||||||
7 | financed;
| ||||||
8 | (II) bear interest at the fixed or variable rate or | ||||||
9 | rates determined by
the method provided in the resolution | ||||||
10 | or trust agreement;
| ||||||
11 | (III) be payable at a time or times, in the | ||||||
12 | denominations and form,
either coupon or registered or | ||||||
13 | both, and carry the registration and
privileges as to | ||||||
14 | conversion and for the replacement of mutilated, lost or
| ||||||
15 | destroyed bonds as the resolution or trust agreement may | ||||||
16 | provide;
| ||||||
17 | (IV) be payable in lawful money of the United States at | ||||||
18 | a designated place;
| ||||||
19 | (V) be subject to the terms of purchase, payment, | ||||||
20 | redemption, refunding
or refinancing that the resolution | ||||||
21 | or trust agreement provides;
| ||||||
22 | (VI) be executed by the manual or facsimile signatures | ||||||
23 | of the officers
of the Authority designated by the | ||||||
24 | Authority, which signatures shall be
valid at delivery even | ||||||
25 | for one who has ceased to hold office; and
| ||||||
26 | (VII) be sold in the manner and upon the terms |
| |||||||
| |||||||
1 | determined by the Authority.
| ||||||
2 | (b) Any resolution or trust agreement may contain | ||||||
3 | provisions which shall
be a part of the contract with the | ||||||
4 | holders of the bonds as to:
| ||||||
5 | (1) pledging, assigning or directing the use, | ||||||
6 | investment or disposition
of receipts of the Authority or | ||||||
7 | proceeds or benefits of any contract and
conveying or | ||||||
8 | otherwise securing any property or property rights;
| ||||||
9 | (2) the setting aside of loan funding deposits, debt | ||||||
10 | service reserves,
capitalized interest accounts, cost of | ||||||
11 | issuance accounts and sinking funds,
and the regulations, | ||||||
12 | investment and disposition thereof;
| ||||||
13 | (3) limitations on the purpose to which or the | ||||||
14 | investments in which the
proceeds of sale of any issue of | ||||||
15 | bonds may be applied and restrictions to
investment of | ||||||
16 | revenues or bond proceeds in government obligations for | ||||||
17 | which
principal and interest are unconditionally | ||||||
18 | guaranteed by the United States of America;
| ||||||
19 | (4) limitations on the issue of additional bonds, the | ||||||
20 | terms upon which
additional bonds may be issued and | ||||||
21 | secured, the terms upon which additional
bonds may rank on | ||||||
22 | a parity with, or be subordinate or superior to, other | ||||||
23 | bonds;
| ||||||
24 | (5) the refunding or refinancing of outstanding bonds;
| ||||||
25 | (6) the procedure, if any, by which the terms of any | ||||||
26 | contract with
bondholders may be altered or amended and the |
| |||||||
| |||||||
1 | amount of bonds and holders
of which must consent thereto, | ||||||
2 | and the manner in which consent shall be given;
| ||||||
3 | (7) defining the acts or omissions which shall | ||||||
4 | constitute a default in
the duties of the Authority to | ||||||
5 | holders of bonds and providing the rights or
remedies of | ||||||
6 | such holders in the event of a default which may include
| ||||||
7 | provisions restricting individual right of action by | ||||||
8 | bondholders;
| ||||||
9 | (8) providing for guarantees, pledges of property, | ||||||
10 | letters of credit, or
other security, or insurance for the | ||||||
11 | benefit of bondholders; and
| ||||||
12 | (9) any other matter relating to the bonds which the | ||||||
13 | Authority determines appropriate.
| ||||||
14 | (c) No member of the Authority nor any person executing the | ||||||
15 | bonds shall
be liable personally on the bonds or subject to any | ||||||
16 | personal liability by
reason of the issuance of the bonds.
| ||||||
17 | (d) The Authority may enter into agreements with agents, | ||||||
18 | banks, insurers
or others for the purpose of enhancing the | ||||||
19 | marketability of or as security for its bonds.
| ||||||
20 | (e)(1) A pledge by the Authority of revenues as security | ||||||
21 | for an issue of
bonds shall be valid and binding from the time | ||||||
22 | when the pledge is made.
| ||||||
23 | (2) The revenues pledged shall immediately be subject to | ||||||
24 | the lien of the
pledge without any physical delivery or further | ||||||
25 | act, and the lien of any
pledge shall be valid and binding | ||||||
26 | against any person having any claim of
any kind in tort, |
| |||||||
| |||||||
1 | contract or otherwise against the Authority, irrespective
of | ||||||
2 | whether the person has notice.
| ||||||
3 | (3) No resolution, trust agreement or financing statement, | ||||||
4 | continuation
statement, or other instrument adopted or entered | ||||||
5 | into by the Authority
need be filed or recorded in any public | ||||||
6 | record other than the records of
the authority in order to | ||||||
7 | perfect the lien against third persons,
regardless of any | ||||||
8 | contrary provision of law.
| ||||||
9 | (f) The Authority may issue bonds to refund any of its | ||||||
10 | bonds then
outstanding, including the payment of any redemption | ||||||
11 | premium and any
interest accrued or to accrue to the earliest | ||||||
12 | or any subsequent date of
redemption, purchase or maturity of | ||||||
13 | the bonds. Refunding bonds may be
issued for the public | ||||||
14 | purposes of realizing savings in the effective costs
of debt | ||||||
15 | service, directly or through a debt restructuring, for | ||||||
16 | alleviating
impending or actual default and may be issued in | ||||||
17 | one or more series in an
amount in excess of that of the bonds | ||||||
18 | to be refunded.
| ||||||
19 | (g) Bonds or notes of the Authority may be sold by the | ||||||
20 | Authority through
the process of competitive bid or negotiated | ||||||
21 | sale.
| ||||||
22 | (h) At no time shall the total outstanding bonds and notes | ||||||
23 | of the
Authority exceed $250 million.
| ||||||
24 | (i) The bonds and notes of the Authority shall not be debts | ||||||
25 | of the State.
| ||||||
26 | (j) In no event may proceeds of bonds or notes issued by |
| |||||||
| |||||||
1 | the Authority
be used to finance any structure which is not | ||||||
2 | constructed pursuant to an
agreement between the Authority and | ||||||
3 | a party, which provides for the
delivery by the party of a | ||||||
4 | completed structure constructed pursuant to a
fixed price | ||||||
5 | contract, and which provides for the delivery of such structure
| ||||||
6 | at such fixed price to be insured or guaranteed by a third | ||||||
7 | party determined
by the Authority to be capable of completing | ||||||
8 | construction of such a structure.
| ||||||
9 | (k) With respect to any local government project, the | ||||||
10 | Authority is authorized to purchase from time to time pursuant | ||||||
11 | to negotiated sale or to otherwise acquire from time to time | ||||||
12 | any local government security upon terms and conditions as the | ||||||
13 | Authority may prescribe in connection with the local government | ||||||
14 | security. | ||||||
15 | (Source: P.A. 96-196, eff. 1-1-10.)
| ||||||
16 | (70 ILCS 510/9.5 new) | ||||||
17 | Sec. 9.5. Local government securities. Any local | ||||||
18 | governmental unit which is authorized to issue, sell, and | ||||||
19 | deliver its local government securities under any provision of | ||||||
20 | the Illinois Constitution or laws of this State may issue, | ||||||
21 | sell, and deliver such local government securities to the | ||||||
22 | Authority as provided by this Act, provided that and | ||||||
23 | notwithstanding any other provision of law to the contrary, any | ||||||
24 | such local governmental unit may issue and sell any such local | ||||||
25 | government security at any interest rate, which rate or rates |
| |||||||
| |||||||
1 | may be established by an index or formula which may be | ||||||
2 | implemented by persons appointed or retained therefor, payable | ||||||
3 | at such time or times and at such price or prices to which the | ||||||
4 | local governmental unit and the Authority may agree. Any local | ||||||
5 | governmental unit may pay any amount charged by the Authority. | ||||||
6 | Any local governmental unit may pay out of the proceeds of its | ||||||
7 | local government securities or out of any other moneys or funds | ||||||
8 | available to it for such purposes any costs, fees, interest | ||||||
9 | deemed necessary, premiums or revenues incurred or required for | ||||||
10 | financing or refinancing this program, including, without | ||||||
11 | limitation, any fees charged by the Authority and its share, as | ||||||
12 | determined by the Authority, of any costs, fees, interest | ||||||
13 | deemed necessary, premiums or revenues incurred or required | ||||||
14 | pursuant to this Act. All local government securities purchased | ||||||
15 | by the Authority pursuant to this Act shall upon delivery to | ||||||
16 | the Authority be accompanied by an approving opinion of bond | ||||||
17 | counsel as to the validity of such securities. The Authority | ||||||
18 | shall have discretion to purchase or otherwise acquire those | ||||||
19 | local government securities as it shall deem to be in the best | ||||||
20 | interest of its financing program for all local governmental | ||||||
21 | units taken as a whole.
| ||||||
22 | (70 ILCS 510/14) (from Ch. 85, par. 6214)
| ||||||
23 | Sec. 14. Additional powers and duties.
| ||||||
24 | (a) The Authority may, but
need not, acquire title to any | ||||||
25 | project with respect to which it exercises its
authority.
|
| |||||||
| |||||||
1 | (b) The Authority shall have the power to enter into | ||||||
2 | intergovernmental
agreements with the State of Illinois, the | ||||||
3 | counties of Jo Daviess, Carroll, Whiteside, Stephenson, Lee, | ||||||
4 | Rock Island, Henry , Knox, Winnebago, Stark, Ogle,
or Mercer, | ||||||
5 | the State of Iowa or any authority established by the
State of | ||||||
6 | Iowa, the Illinois Finance Authority, the Illinois
Housing | ||||||
7 | Development Authority,
the United States government and any | ||||||
8 | agency or instrumentality of the
United States, any unit of | ||||||
9 | local government located within the territory of
the Authority | ||||||
10 | or any other unit of government to the extent allowed by
| ||||||
11 | Article VII, Section 10 of the Illinois Constitution and the
| ||||||
12 | Intergovernmental Cooperation Act.
| ||||||
13 | (c) The Authority shall have the power to share employees | ||||||
14 | with other
units of government, including agencies of the | ||||||
15 | United States, agencies of
the State of Illinois and agencies | ||||||
16 | or personnel of any unit of local
government.
| ||||||
17 | (d) The Authority shall have the power to exercise powers | ||||||
18 | and issue
bonds as if it were a municipality so authorized in | ||||||
19 | Divisions 12.1, 74,
74.1, 74.3 and 74.5 of Article 11 of the | ||||||
20 | Illinois Municipal Code.
| ||||||
21 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
22 | Section 20. The Southeastern Illinois
Economic Development | ||||||
23 | Authority
Act is amended by changing Sections 15, 20, 35, and | ||||||
24 | 45 and by adding Section 37 as follows:
|
| |||||||
| |||||||
1 | (70 ILCS 518/15) | ||||||
2 | Sec. 15. Definitions. In this Act:
| ||||||
3 | "Authority" means the Southeastern Illinois Economic | ||||||
4 | Development Authority.
| ||||||
5 | "Governmental agency" means any federal, State, or local | ||||||
6 | governmental body
and any agency or
instrumentality thereof, | ||||||
7 | corporate or otherwise.
| ||||||
8 | "Person" means any natural person, firm, partnership, | ||||||
9 | corporation, both
domestic and foreign,
company, association | ||||||
10 | or joint stock association and includes any trustee,
receiver, | ||||||
11 | assignee or personal
representative thereof.
| ||||||
12 | "Revenue bond" means any bond issued by the Authority, the | ||||||
13 | principal and
interest of which is payable
solely from revenues | ||||||
14 | or income derived from any project or activity of the
| ||||||
15 | Authority.
| ||||||
16 | "Board" means the Board of Directors of the Southeastern | ||||||
17 | Illinois Economic
Development Authority.
| ||||||
18 | "Governor" means the Governor of the State of Illinois.
| ||||||
19 | "City" means any city, village, incorporated town, or | ||||||
20 | township within the
geographical territory of the
Authority.
| ||||||
21 | "Industrial project" means the following:
| ||||||
22 | (1) a capital project, including one or more buildings | ||||||
23 | and other
structures, improvements,
machinery and | ||||||
24 | equipment whether or not on the same site or sites now | ||||||
25 | existing
or hereafter acquired,
suitable for use by any | ||||||
26 | manufacturing, industrial, research, transportation or
|
| |||||||
| |||||||
1 | commercial enterprise
including but not limited to use as a | ||||||
2 | factory, mill, processing plant, assembly
plant, packaging | ||||||
3 | plant,
fabricating plant, ethanol plant, office building, | ||||||
4 | industrial distribution
center, warehouse,
repair, | ||||||
5 | overhaul or service
facility, freight terminal, research | ||||||
6 | facility, test facility, power generation facility, mining | ||||||
7 | operation, railroad
facility, solid waste and wastewater
| ||||||
8 | treatment and disposal sites and other pollution control | ||||||
9 | facilities, resource
or waste reduction, recovery,
| ||||||
10 | treatment and disposal facilities, tourism-related | ||||||
11 | facilities, including hotels, theaters, water parks, and | ||||||
12 | amusement parks, and including also the sites thereof and
| ||||||
13 | other rights in land therefore
whether improved or | ||||||
14 | unimproved, site preparation and landscaping and all
| ||||||
15 | appurtenances and facilities
incidental thereto such as | ||||||
16 | utilities, access roads, railroad sidings, truck
docking | ||||||
17 | and similar facilities,
parking facilities, dockage, | ||||||
18 | wharfage, railroad roadbed, track, trestle, depot,
| ||||||
19 | terminal, switching and
signaling equipment or related | ||||||
20 | equipment and other improvements necessary or
convenient | ||||||
21 | thereto; or
| ||||||
22 | (2) any land, buildings, machinery or equipment | ||||||
23 | comprising an addition to or
renovation,
rehabilitation or | ||||||
24 | improvement of any existing capital project.
| ||||||
25 | "Housing project" or "residential project" includes a | ||||||
26 | specific work or improvement undertaken to provide dwelling |
| |||||||
| |||||||
1 | accommodations, including the acquisition, construction or | ||||||
2 | rehabilitation of lands, buildings and community facilities | ||||||
3 | and in connection therewith to provide nonhousing facilities | ||||||
4 | which are an integral part of a planned large-scale project or | ||||||
5 | new community. | ||||||
6 | "Commercial project" means any project, including, but not | ||||||
7 | limited to, one or
more buildings and other
structures, | ||||||
8 | improvements, machinery, and equipment, whether or not on the | ||||||
9 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
10 | for use by any retail or wholesale concern,
distributorship, or | ||||||
11 | agency, or health facility or retirement facility.
| ||||||
12 | "Project" means an industrial, housing, residential, | ||||||
13 | commercial, or service
project, or any combination
thereof, | ||||||
14 | provided that all uses fall within one of the categories | ||||||
15 | described
above. Any project automatically
includes all site | ||||||
16 | improvements and new construction involving sidewalks,
sewers, | ||||||
17 | solid waste and
wastewater treatment and disposal sites and | ||||||
18 | other pollution control facilities,
resource or waste | ||||||
19 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
20 | open spaces, wildlife
sanctuaries, streets, highways, and
| ||||||
21 | runways.
| ||||||
22 | "Lease agreement" means an agreement in which a project | ||||||
23 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
24 | to any person or corporation that will use, or cause the
| ||||||
25 | project to be used, as a project,
upon terms providing for | ||||||
26 | lease rental payments at least sufficient to pay, when due, all |
| |||||||
| |||||||
1 | principal of and
interest and premium, if any, on any bonds, | ||||||
2 | notes, or other evidences of indebtedness of the Authority,
| ||||||
3 | issued with respect to the project, providing for the | ||||||
4 | maintenance, insurance, and operation of the project on
terms | ||||||
5 | satisfactory to the Authority and providing for disposition of | ||||||
6 | the project upon termination of the lease
term, including | ||||||
7 | purchase options or abandonment of the premises, with other | ||||||
8 | terms as may be deemed
desirable by the Authority.
| ||||||
9 | "Loan agreement" means any agreement in which the Authority | ||||||
10 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
11 | evidences of indebtedness, issued with respect to a project, to
| ||||||
12 | any person or corporation
which will use or cause the project | ||||||
13 | to be used as a project, upon terms
providing for loan | ||||||
14 | repayment
installments at least sufficient to pay, when due, | ||||||
15 | all principal of and
interest and premium, if any, on any
| ||||||
16 | bonds, notes, or other evidences of indebtedness of the | ||||||
17 | Authority issued with
respect to the project,
providing for | ||||||
18 | maintenance, insurance, and operation of the project on terms
| ||||||
19 | satisfactory to the Authority
and providing for other terms | ||||||
20 | deemed advisable by the Authority.
| ||||||
21 | "Financial aid" means the expenditure of Authority funds or | ||||||
22 | funds provided by
the Authority for the
development, | ||||||
23 | construction, acquisition or improvement of a project, through | ||||||
24 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
25 | indebtedness.
| ||||||
26 | "Costs incurred in connection with
the development, |
| |||||||
| |||||||
1 | construction, acquisition or improvement of a
project" means | ||||||
2 | the following:
| ||||||
3 | (1) the cost of purchase and construction of all lands | ||||||
4 | and improvements in
connection therewith and
equipment and | ||||||
5 | other property, rights, easements, and franchises acquired | ||||||
6 | which
are deemed necessary for
the construction;
| ||||||
7 | (2) financing charges;
| ||||||
8 | (3) interest costs with respect to bonds, notes, and | ||||||
9 | other evidences of
indebtedness of the Authority
prior to | ||||||
10 | and during construction and for a period of 6 months | ||||||
11 | thereafter;
| ||||||
12 | (4) engineering and legal expenses; and
| ||||||
13 | (5) the costs of plans, specifications, surveys, and | ||||||
14 | estimates of costs and
other expenses necessary or
incident | ||||||
15 | to determining the feasibility or practicability of any | ||||||
16 | project,
together with such other expenses as
may be | ||||||
17 | necessary or incident to the financing, insuring, | ||||||
18 | acquisition, and
construction of a specific project
and the | ||||||
19 | placing of the same in operation.
| ||||||
20 | "Local government project" means a project or other | ||||||
21 | undertaking that is authorized or required by law to be | ||||||
22 | acquired, constructed, reconstructed, equipped, improved, | ||||||
23 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
24 | in any manner by a local governmental unit. | ||||||
25 | "Local government security" means a bond, note, or other | ||||||
26 | evidence of indebtedness that a local governmental unit is |
| |||||||
| |||||||
1 | legally authorized to issue for the purpose of financing a | ||||||
2 | public purpose project or to issue for any other lawful public | ||||||
3 | purpose under any provision of the Illinois Constitution or | ||||||
4 | laws of this State, whether the obligation is payable from | ||||||
5 | taxes or revenues, rates, charges, assessments, | ||||||
6 | appropriations, grants, or any other lawful source or | ||||||
7 | combination thereof, and specifically includes, without | ||||||
8 | limitation, obligations under any lease or lease purchase | ||||||
9 | agreement lawfully entered into by the local governmental unit | ||||||
10 | for the acquisition or use of facilities or equipment. | ||||||
11 | "Local governmental unit" means a unit of local government, | ||||||
12 | as defined in Section 1 of Article VII of the Illinois | ||||||
13 | Constitution, and any local public entity as that term is | ||||||
14 | defined in the Local Governmental and Governmental Employees | ||||||
15 | Tort Immunity Act and such unit of local government or local | ||||||
16 | public entity is located within the geographical territory of | ||||||
17 | the Authority. | ||||||
18 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
19 | (70 ILCS 518/20)
| ||||||
20 | Sec. 20. Creation.
| ||||||
21 | (a) There is created a political subdivision, body politic, | ||||||
22 | and municipal
corporation named the Southeastern
Illinois | ||||||
23 | Economic Development Authority. The territorial jurisdiction | ||||||
24 | of the
Authority is that geographic
area within the boundaries | ||||||
25 | of the following counties: Fayette, Cumberland, Clark, |
| |||||||
| |||||||
1 | Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, | ||||||
2 | Jefferson, Wayne, Edwards, Wabash, Hamilton, Washington, and | ||||||
3 | White , ; Irvington Township in Washington County; and any
| ||||||
4 | navigable waters and
air space located therein.
| ||||||
5 | (b) The governing and administrative powers of the | ||||||
6 | Authority shall be vested
in a body consisting of 27
members as | ||||||
7 | follows: | ||||||
8 | (1) Public members. Nine members shall be appointed by | ||||||
9 | the Governor
with the advice and
consent of the Senate. The | ||||||
10 | county board chairmen of the following counties shall each | ||||||
11 | appoint one member: Clark, Clay, Crawford, Cumberland, | ||||||
12 | Edwards, Effingham, Fayette, Hamilton, Jasper, Jefferson, | ||||||
13 | Lawrence, Marion, Richland, Wabash, Washington, Wayne, and | ||||||
14 | White. | ||||||
15 | (2) One member shall be appointed by the Director of | ||||||
16 | Commerce and Economic Opportunity. | ||||||
17 | All public members shall reside within
the territorial
| ||||||
18 | jurisdiction of the Authority.
The public members shall be | ||||||
19 | persons of recognized ability and experience in one
or more of | ||||||
20 | the following
areas: economic development, finance, banking, | ||||||
21 | industrial development, state or
local government, commercial | ||||||
22 | agriculture, small
business management, real
estate | ||||||
23 | development, community development, venture finance, organized | ||||||
24 | labor, or
civic or community
organization.
| ||||||
25 | (c) Fourteen members shall constitute a quorum.
| ||||||
26 | (d) The chairman of the Authority shall be elected annually |
| |||||||
| |||||||
1 | by the Board.
| ||||||
2 | (e) The terms of the initial members of the Authority shall | ||||||
3 | begin 30 days
after the effective date of this
Act. Of the 10 | ||||||
4 | original members appointed by the Governor and the Director of | ||||||
5 | Commerce and Economic Opportunity pursuant to subsection (b), | ||||||
6 | one shall serve until the third Monday in January, 2005; one | ||||||
7 | shall serve until the third Monday in January, 2006; 2 shall | ||||||
8 | serve until the third Monday in January, 2007; 2 shall serve | ||||||
9 | until the third Monday in January, 2008; 2 shall serve until | ||||||
10 | the third Monday in January, 2009; and 2 shall serve until the | ||||||
11 | third Monday in January, 2010. The terms of the initial public | ||||||
12 | members of the Authority appointed by the county board chairmen | ||||||
13 | shall begin 30 days after the effective date of this amendatory | ||||||
14 | Act of the 97th General Assembly. The terms of the initial | ||||||
15 | public members appointed by the county board chairmen shall be | ||||||
16 | determined by lot, according to the following schedule: (i) 4 | ||||||
17 | shall serve until the third Monday in January, 2013, (ii) 4 | ||||||
18 | shall serve until the third Monday in January, 2014, (iii) 3 | ||||||
19 | shall serve until the third Monday in January, 2015, (iv) 3 | ||||||
20 | shall serve until the third Monday in January, 2016, and (v) 3 | ||||||
21 | shall serve until the third Monday in January, 2017. All | ||||||
22 | successors to these initial members shall be appointed by the | ||||||
23 | original appointing authority pursuant to subsection (b), and | ||||||
24 | shall hold office for a term of 3 years commencing the third | ||||||
25 | Monday in January of the year in which their term commences, | ||||||
26 | except in the case of an appointment to fill a vacancy. |
| |||||||
| |||||||
1 | Vacancies occurring among the members shall be filled for the
| ||||||
2 | remainder of the term. In case of
a vacancy in a | ||||||
3 | Governor-appointed membership when the Senate is not in | ||||||
4 | session,
the Governor may make a
temporary appointment until | ||||||
5 | the next meeting of the Senate when a person shall
be nominated | ||||||
6 | to fill the
office and, upon confirmation by the Senate, he or | ||||||
7 | she shall hold office during
the remainder of the term
and | ||||||
8 | until a successor is appointed and qualified. Members of the | ||||||
9 | Authority are
not entitled to
compensation for their services | ||||||
10 | as members but are entitled to reimbursement
for all necessary | ||||||
11 | expenses
incurred in connection with the performance of their | ||||||
12 | duties as members.
Members of the Board may participate in | ||||||
13 | Board meetings by teleconference or video conference.
| ||||||
14 | (f) The Governor may remove any public member of the | ||||||
15 | Authority appointed by the Governor, and the Director of | ||||||
16 | Commerce and Economic Opportunity may remove any member | ||||||
17 | appointed by the Director, in case of
incompetence, neglect of
| ||||||
18 | duty, or malfeasance in office. The chairman of a county board, | ||||||
19 | with the approval of a majority vote of the county board, may | ||||||
20 | remove any public member appointed by that chairman in the case | ||||||
21 | of incompetence, neglect of duty, or malfeasance in office.
| ||||||
22 | (g) The Board shall appoint an Executive Director who shall | ||||||
23 | have a
background in finance, including
familiarity with the | ||||||
24 | legal and procedural requirements of issuing bonds, real
| ||||||
25 | estate, or economic
development and administration. The | ||||||
26 | Executive Director shall hold office at the
discretion of the |
| |||||||
| |||||||
1 | Board.
The Executive Director shall be the chief administrative | ||||||
2 | and operational
officer of the Authority, shall
direct and | ||||||
3 | supervise its administrative affairs and general management, | ||||||
4 | perform
such other duties as may
be prescribed from time to | ||||||
5 | time by the members, and receive compensation fixed
by the | ||||||
6 | Authority. The
Executive Director shall attend all meetings of | ||||||
7 | the Authority. However, no
action of the Authority shall be
| ||||||
8 | invalid on account of the absence of the Executive Director | ||||||
9 | from a meeting. The
Authority may engage
the services of the | ||||||
10 | Illinois Finance Authority, attorneys, appraisers,
engineers, | ||||||
11 | accountants, credit
analysts, and other consultants, if the | ||||||
12 | Southeastern Illinois Economic Development Authority deems it | ||||||
13 | advisable.
| ||||||
14 | (Source: P.A. 97-717, eff. 6-29-12.)
| ||||||
15 | (70 ILCS 518/35) | ||||||
16 | Sec. 35. Bonds.
| ||||||
17 | (a) The Authority, with the written approval of the | ||||||
18 | Governor, shall have the
continuing power to issue
bonds, | ||||||
19 | notes, or other evidences of indebtedness in an aggregate | ||||||
20 | amount outstanding not to
exceed $250,000,000 for the
following | ||||||
21 | purposes: (i) development, construction, acquisition, or | ||||||
22 | improvement
of projects, including those
established by | ||||||
23 | business entities locating or expanding property within the
| ||||||
24 | territorial jurisdiction of the
Authority; (ii) entering into | ||||||
25 | venture capital agreements with businesses
locating or |
| |||||||
| |||||||
1 | expanding within the
territorial jurisdiction of the | ||||||
2 | Authority; (iii) acquisition and improvement of
any property | ||||||
3 | necessary and
useful in connection therewith; and (iv) for the | ||||||
4 | purposes of the Employee
Ownership Assistance Act ; and (v) any | ||||||
5 | local government projects. With respect to any local government | ||||||
6 | project, the Authority is authorized to purchase from time to | ||||||
7 | time pursuant to negotiated sale or to otherwise acquire from | ||||||
8 | time to time any local government security upon terms and | ||||||
9 | conditions as the Authority may prescribe in connection with | ||||||
10 | the local government security . For
the purpose of evidencing | ||||||
11 | the obligations of the Authority to repay any money
borrowed, | ||||||
12 | the Authority
may, pursuant to resolution, from time to time, | ||||||
13 | issue and dispose of its interest-bearing revenue bonds,
notes, | ||||||
14 | or other evidences of indebtedness and may also from time to | ||||||
15 | time issue and dispose of such bonds,
notes, or other evidences | ||||||
16 | of indebtedness to refund, at maturity, at a redemption date or | ||||||
17 | in advance of
either, any bonds, notes, or other evidences of | ||||||
18 | indebtedness pursuant to redemption provisions or at any
time | ||||||
19 | before maturity. All such bonds, notes, or other evidences of | ||||||
20 | indebtedness shall be payable solely and
only from the revenues | ||||||
21 | or income to be derived from loans made with respect to | ||||||
22 | projects, from the leasing
or sale of the projects, or from any | ||||||
23 | other funds available to the Authority for such purposes. The | ||||||
24 | bonds,
notes, or other evidences of indebtedness may bear such | ||||||
25 | date or dates, may mature at such time or times not
exceeding | ||||||
26 | 40 years from their respective dates, may bear interest at such |
| |||||||
| |||||||
1 | rate or rates not exceeding the
maximum rate permitted by the | ||||||
2 | Bond Authorization Act, may be in such form, may carry such | ||||||
3 | registration
privileges, may be executed in such manner, may be | ||||||
4 | payable at such place or places, may be made subject
to | ||||||
5 | redemption in such manner and upon such terms, with or without | ||||||
6 | premium, as is stated on the face
thereof, may be authenticated | ||||||
7 | in such manner and may contain such terms and
covenants as may | ||||||
8 | be
provided by an applicable resolution.
| ||||||
9 | (b) The holder or holders of any bonds, notes, or other | ||||||
10 | evidences of
indebtedness issued by the
Authority may bring | ||||||
11 | suits at law or proceedings in equity to compel the
performance | ||||||
12 | and observance by
any corporation or person or by the Authority | ||||||
13 | or any of its agents or employees
of any contract or covenant
| ||||||
14 | made with the holders of the bonds, notes, or other evidences | ||||||
15 | of indebtedness,
to compel such corporation,
person, the | ||||||
16 | Authority, and any of its agents or employees to perform any | ||||||
17 | duties
required to be performed
for the benefit of the holders | ||||||
18 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
19 | provision of the
resolution authorizing their issuance and to | ||||||
20 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
21 | agents or employees from taking any action in conflict with any | ||||||
22 | contract or
covenant.
| ||||||
23 | (c) If the Authority fails to pay the principal of or | ||||||
24 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
25 | becomes due, a civil action to compel payment may be instituted | ||||||
26 | in the
appropriate circuit court by
the holder or holders of |
| |||||||
| |||||||
1 | the bonds on which the default of payment exists or by
an | ||||||
2 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
3 | a summons and a copy of the complaint to
the chairman of the | ||||||
4 | Board
shall constitute sufficient service to give the circuit | ||||||
5 | court jurisdiction over
the subject matter of the suit and
| ||||||
6 | jurisdiction over the Authority and its officers named as | ||||||
7 | defendants for the
purpose of compelling such
payment. Any | ||||||
8 | case, controversy, or cause of action concerning the validity | ||||||
9 | of
this Act relates to the
revenue of the State of Illinois.
| ||||||
10 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
11 | or other evidence
of indebtedness and in
the absence of any | ||||||
12 | express recital on its face that it is non-negotiable, all
such | ||||||
13 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
14 | negotiable instruments. Pending the
preparation and execution | ||||||
15 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
16 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
17 | issued as provided by ordinance.
| ||||||
18 | (e) To secure the payment of any or all of such bonds, | ||||||
19 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
20 | received by the Authority from a lease agreement or loan
| ||||||
21 | agreement shall be pledged, and,
for the purpose of setting | ||||||
22 | forth the covenants and undertakings of the
Authority in | ||||||
23 | connection with the
issuance of the bonds, notes, or other | ||||||
24 | evidences of indebtedness and the
issuance of any additional | ||||||
25 | bonds,
notes or other evidences of indebtedness payable from | ||||||
26 | such revenues, income, or other funds to be derived
from |
| |||||||
| |||||||
1 | projects, the Authority may execute and deliver a mortgage or | ||||||
2 | trust agreement. A remedy for any
breach or default of the | ||||||
3 | terms of any mortgage or trust agreement by the Authority may | ||||||
4 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
5 | compel performance and compliance under the terms of the
| ||||||
6 | mortgage or trust agreement, but the trust agreement may | ||||||
7 | prescribe by whom or on whose behalf the action
may be | ||||||
8 | instituted.
| ||||||
9 | (f) Bonds or notes shall be secured as provided in the | ||||||
10 | authorizing ordinance which may include,
notwithstanding any | ||||||
11 | other provision of this Act, in addition to any other security, | ||||||
12 | a specific pledge,
assignment of and lien on, or security | ||||||
13 | interest in any or all revenues or money of the Authority, from
| ||||||
14 | whatever source, which may, by law, be used for debt service | ||||||
15 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
16 | or security interest in any funds or accounts established or
| ||||||
17 | provided for by ordinance of the
Authority authorizing the | ||||||
18 | issuance of the bonds or notes.
| ||||||
19 | (g) In the event that the Authority determines that moneys | ||||||
20 | of the Authority
will not be sufficient for the
payment of the | ||||||
21 | principal of and interest on its bonds during the next State
| ||||||
22 | fiscal year, the chairman, as soon
as practicable, shall | ||||||
23 | certify to the Governor the amount required by the
Authority to | ||||||
24 | enable it to pay the
principal of and interest on the bonds. | ||||||
25 | The Governor shall submit the certified
amount to the General
| ||||||
26 | Assembly as soon as practicable, but no later than the end of |
| |||||||
| |||||||
1 | the current State
fiscal year. This Section shall
not apply to | ||||||
2 | any bonds or notes to which the Authority determines, in the
| ||||||
3 | resolution authorizing the
issuance of the bonds or notes, that | ||||||
4 | this Section shall not apply. Whenever the
Authority makes this
| ||||||
5 | determination, it shall be plainly stated on the face of the | ||||||
6 | bonds or notes and
the determination shall also be
reported to | ||||||
7 | the Governor.
In the event of a withdrawal of moneys from a | ||||||
8 | reserve fund established with
respect to any issue or
issues of | ||||||
9 | bonds of the Authority to pay principal or interest on those | ||||||
10 | bonds,
the chairman of the Authority,
as soon as practicable, | ||||||
11 | shall certify to the Governor the amount required to
restore | ||||||
12 | the reserve fund to the
level required in the resolution or | ||||||
13 | indenture securing those bonds. The
Governor shall submit the | ||||||
14 | certified
amount to the General Assembly as soon as | ||||||
15 | practicable, but no later than the
end of the current State | ||||||
16 | fiscal
year.
This subsection (g) shall not apply to any bond | ||||||
17 | issued on or after the effective date of this amendatory Act of | ||||||
18 | the 97th General Assembly.
| ||||||
19 | (h) The State of Illinois pledges to and agrees with the | ||||||
20 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
21 | to this Section that the State will not limit or alter the | ||||||
22 | rights and powers vested in the
Authority by this Act so as to | ||||||
23 | impair the terms of any contract made by the Authority with the | ||||||
24 | holders of
bonds or notes or in any way impair the rights and | ||||||
25 | remedies of those holders until the bonds and notes,
together | ||||||
26 | with interest thereon, with interest on any unpaid installments |
| |||||||
| |||||||
1 | of interest, and all costs and
expenses in connection with any | ||||||
2 | action or proceedings by or on behalf of the holders, are fully | ||||||
3 | met and
discharged. In addition, the State pledges to and | ||||||
4 | agrees with the holders of the bonds and notes of the
Authority | ||||||
5 | issued pursuant to this Section that the State will not limit | ||||||
6 | or alter the basis on which State funds
are to be paid to the | ||||||
7 | Authority as provided in this Act, or the use of such funds, so | ||||||
8 | as to impair the terms of
any such contract. The Authority is | ||||||
9 | authorized to include these pledges and agreements of the State | ||||||
10 | in any
contract with the holders of bonds or notes issued | ||||||
11 | pursuant to this Section.
| ||||||
12 | (Source: P.A. 97-717, eff. 6-29-12; 98-750, eff. 1-1-15 .)
| ||||||
13 | (70 ILCS 518/37 new) | ||||||
14 | Sec. 37. Local government securities. Any local | ||||||
15 | governmental unit which is authorized to issue, sell, and | ||||||
16 | deliver its local government securities under any provision of | ||||||
17 | the Illinois Constitution or laws of this State may issue, | ||||||
18 | sell, and deliver such local government securities to the | ||||||
19 | Authority as provided by this Act, provided that and | ||||||
20 | notwithstanding any other provision of law to the contrary, any | ||||||
21 | such local governmental unit may issue and sell any such local | ||||||
22 | government security at any interest rate, which rate or rates | ||||||
23 | may be established by an index or formula which may be | ||||||
24 | implemented by persons appointed or retained therefor, payable | ||||||
25 | at such time or times and at such price or prices to which the |
| |||||||
| |||||||
1 | local governmental unit and the Authority may agree. Any local | ||||||
2 | governmental unit may pay any amount charged by the Authority. | ||||||
3 | Any local governmental unit may pay out of the proceeds of its | ||||||
4 | local government securities or out of any other moneys or funds | ||||||
5 | available to it for such purposes any costs, fees, interest | ||||||
6 | deemed necessary, premiums or revenues incurred or required for | ||||||
7 | financing or refinancing this program, including, without | ||||||
8 | limitation, any fees charged by the Authority and its share, as | ||||||
9 | determined by the Authority, of any costs, fees, interest | ||||||
10 | deemed necessary, premiums or revenues incurred or required | ||||||
11 | pursuant to this Act. All local government securities purchased | ||||||
12 | by the Authority pursuant to this Act shall upon delivery to | ||||||
13 | the Authority be accompanied by an approving opinion of bond | ||||||
14 | counsel as to the validity of such securities. The Authority | ||||||
15 | shall have discretion to purchase or otherwise acquire those | ||||||
16 | local government securities as it shall deem to be in the best | ||||||
17 | interest of its financing program for all local governmental | ||||||
18 | units taken as a whole.
| ||||||
19 | (70 ILCS 518/45)
| ||||||
20 | Sec. 45. Acquisition.
| ||||||
21 | (a) The Authority may, but need not, acquire title to any | ||||||
22 | project with
respect to which it exercises its
authority.
| ||||||
23 | (b) The Authority shall have power to acquire by purchase, | ||||||
24 | lease, gift, or
otherwise any property or
rights therein from | ||||||
25 | any person or persons, the State of Illinois, any municipal
|
| |||||||
| |||||||
1 | corporation, any local unit of
government, the government of | ||||||
2 | the United States and any agency or
instrumentality of the | ||||||
3 | United States,
any body politic, or any county useful for its | ||||||
4 | purposes, whether improved for
the purposes of any
prospective | ||||||
5 | project or unimproved. The Authority may also accept any | ||||||
6 | donation
of funds for its purposes
from any of these sources.
| ||||||
7 | (c) The Authority shall have power to develop, construct, | ||||||
8 | and improve,
either under its own direction or
through | ||||||
9 | collaboration with any approved applicant, or to acquire, | ||||||
10 | through
purchase or otherwise, any
project, using for this | ||||||
11 | purpose the proceeds derived from its sale of revenue
bonds, | ||||||
12 | notes, or other
evidences of indebtedness or governmental loans | ||||||
13 | or grants and shall have the
power to hold title to those
| ||||||
14 | projects in the name of the Authority.
| ||||||
15 | (d) The Authority shall have the power to enter into | ||||||
16 | intergovernmental
agreements with the State of
Illinois, the | ||||||
17 | counties of Fayette, Cumberland, Clark, Effingham, Jasper, | ||||||
18 | Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, | ||||||
19 | Edwards, Wabash, Hamilton, Washington, and White , ; Irvington | ||||||
20 | Township in Washington County; the Illinois
Development | ||||||
21 | Finance Authority, the Illinois Housing
Development Authority, | ||||||
22 | the Illinois Education Facilities Authority, the
Illinois
Farm
| ||||||
23 | Development Authority, the Rural Bond Bank,
the United States | ||||||
24 | government and any agency or instrumentality of the United
| ||||||
25 | States, any unit
of local government located within the | ||||||
26 | territory of the Authority, or any other
unit of government to |
| |||||||
| |||||||
1 | the
extent allowed by Article VII, Section 10 of the Illinois | ||||||
2 | Constitution and the
Intergovernmental
Cooperation Act.
| ||||||
3 | (e) The Authority shall have the power to share employees | ||||||
4 | with other units
of government, including
agencies of the | ||||||
5 | United States, agencies of the State of Illinois, and agencies
| ||||||
6 | or personnel of any unit of
local government.
| ||||||
7 | (f) The Authority shall have the power to exercise powers | ||||||
8 | and issue bonds as
if it were a municipality so
authorized in | ||||||
9 | Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| ||||||
10 | Illinois Municipal Code.
| ||||||
11 | (Source: P.A. 93-968, eff. 8-20-04; 94-613, eff. 8-18-05.)
| ||||||
12 | Section 25. The Southern Illinois
Economic Development | ||||||
13 | Authority
Act is amended by changing Sections 5-15 and 5-40 and | ||||||
14 | by adding Section 5-43 as follows:
| ||||||
15 | (70 ILCS 519/5-15) | ||||||
16 | Sec. 5-15. Definitions. In this Act:
| ||||||
17 | "Authority" means the Southern Illinois Economic | ||||||
18 | Development Authority.
| ||||||
19 | "Governmental agency" means any federal, State, or local | ||||||
20 | governmental body
and any agency or
instrumentality thereof, | ||||||
21 | corporate or otherwise.
| ||||||
22 | "Person" means any natural person, firm, partnership, | ||||||
23 | corporation, both
domestic and foreign,
company, association | ||||||
24 | or joint stock association and includes any trustee,
receiver, |
| |||||||
| |||||||
1 | assignee or personal
representative thereof.
| ||||||
2 | "Revenue bond" means any bond issued by the Authority, the | ||||||
3 | principal and
interest of which is payable
solely from revenues | ||||||
4 | or income derived from any project or activity of the
| ||||||
5 | Authority.
| ||||||
6 | "Board" means the Board of Directors of the Southern | ||||||
7 | Illinois Economic
Development Authority.
| ||||||
8 | "Governor" means the Governor of the State of Illinois.
| ||||||
9 | "City" means any city, village, incorporated town, or | ||||||
10 | township within the
geographical territory of the
Authority.
| ||||||
11 | "Industrial project" means the following:
| ||||||
12 | (1) a capital project, including one or more buildings | ||||||
13 | and other
structures, improvements,
machinery and | ||||||
14 | equipment whether or not on the same site or sites now | ||||||
15 | existing
or hereafter acquired,
suitable for use by any | ||||||
16 | manufacturing, industrial, research, transportation or
| ||||||
17 | commercial enterprise
including but not limited to use as a | ||||||
18 | factory, mill, processing plant, assembly
plant, packaging | ||||||
19 | plant,
fabricating plant, ethanol plant, office building, | ||||||
20 | industrial distribution
center, warehouse,
repair, | ||||||
21 | overhaul or service
facility, freight terminal, research | ||||||
22 | facility, test facility, railroad
facility, port facility, | ||||||
23 | solid waste and wastewater
treatment and disposal sites and | ||||||
24 | other pollution control facilities, resource
or waste | ||||||
25 | reduction, recovery,
treatment and disposal facilities, | ||||||
26 | and including also the sites thereof and
other rights in |
| |||||||
| |||||||
1 | land therefore
whether improved or unimproved, site | ||||||
2 | preparation and landscaping and all
appurtenances and | ||||||
3 | facilities
incidental thereto such as utilities, access | ||||||
4 | roads, railroad sidings, truck
docking and similar | ||||||
5 | facilities,
parking facilities, dockage, wharfage, | ||||||
6 | railroad roadbed, track, trestle, depot,
terminal, | ||||||
7 | switching and
signaling equipment or related equipment and | ||||||
8 | other improvements necessary or
convenient thereto; or
| ||||||
9 | (2) any land, buildings, machinery or equipment | ||||||
10 | comprising an addition to or
renovation,
rehabilitation or | ||||||
11 | improvement of any existing capital project.
| ||||||
12 | "Housing project" or "residential project" includes a | ||||||
13 | specific work or improvement undertaken to provide dwelling | ||||||
14 | accommodations, including the acquisition, construction or | ||||||
15 | rehabilitation of lands, buildings and community facilities | ||||||
16 | and in connection therewith to provide nonhousing facilities | ||||||
17 | which are an integral part of a planned large-scale project or | ||||||
18 | new community. | ||||||
19 | "Commercial project" means any project, including, but not | ||||||
20 | limited to, one or
more buildings and other
structures, | ||||||
21 | improvements, machinery, and equipment, whether or not on the | ||||||
22 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
23 | for use by any retail or wholesale concern,
distributorship, or | ||||||
24 | agency.
| ||||||
25 | "Project" means an industrial, housing, residential, | ||||||
26 | commercial, or service
project, or any combination
thereof, |
| |||||||
| |||||||
1 | provided that all uses fall within one of the categories | ||||||
2 | described
above. Any project automatically
includes all site | ||||||
3 | improvements and new construction involving sidewalks,
sewers, | ||||||
4 | solid waste and
wastewater treatment and disposal sites and | ||||||
5 | other pollution control facilities,
resource or waste | ||||||
6 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
7 | open spaces, wildlife
sanctuaries, streets, highways, and
| ||||||
8 | runways.
| ||||||
9 | "Lease agreement" means an agreement in which a project | ||||||
10 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
11 | to any person or corporation that will use, or cause the
| ||||||
12 | project to be used, as a project,
upon terms providing for | ||||||
13 | lease rental payments at least sufficient to pay, when due, all | ||||||
14 | principal of and
interest and premium, if any, on any bonds, | ||||||
15 | notes, or other evidences of indebtedness of the Authority,
| ||||||
16 | issued with respect to the project, providing for the | ||||||
17 | maintenance, insurance, and operation of the project on
terms | ||||||
18 | satisfactory to the Authority and providing for disposition of | ||||||
19 | the project upon termination of the lease
term, including | ||||||
20 | purchase options or abandonment of the premises, with other | ||||||
21 | terms as may be deemed
desirable by the Authority.
| ||||||
22 | "Loan agreement" means any agreement in which the Authority | ||||||
23 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
24 | evidences of indebtedness, issued with respect to a project, to
| ||||||
25 | any person or corporation
which will use or cause the project | ||||||
26 | to be used as a project, upon terms
providing for loan |
| |||||||
| |||||||
1 | repayment
installments at least sufficient to pay, when due, | ||||||
2 | all principal of and
interest and premium, if any, on any
| ||||||
3 | bonds, notes, or other evidences of indebtedness of the | ||||||
4 | Authority issued with
respect to the project,
providing for | ||||||
5 | maintenance, insurance, and operation of the project on terms
| ||||||
6 | satisfactory to the Authority
and providing for other terms | ||||||
7 | deemed advisable by the Authority.
| ||||||
8 | "Financial aid" means the expenditure of Authority funds or | ||||||
9 | funds provided by
the Authority for the
development, | ||||||
10 | construction, acquisition or improvement of a project, through | ||||||
11 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
12 | indebtedness.
| ||||||
13 | "Costs incurred in connection with
the development, | ||||||
14 | construction, acquisition or improvement of a
project" means | ||||||
15 | the following:
| ||||||
16 | (1) the cost of purchase and construction of all lands | ||||||
17 | and improvements in
connection therewith and
equipment and | ||||||
18 | other property, rights, easements, and franchises acquired | ||||||
19 | which
are deemed necessary for
the construction;
| ||||||
20 | (2) financing charges;
| ||||||
21 | (3) interest costs with respect to bonds, notes, and | ||||||
22 | other evidences of
indebtedness of the Authority
prior to | ||||||
23 | and during construction and for a period of 6 months | ||||||
24 | thereafter;
| ||||||
25 | (4) engineering and legal expenses; and
| ||||||
26 | (5) the costs of plans, specifications, surveys, and |
| |||||||
| |||||||
1 | estimates of costs and
other expenses necessary or
incident | ||||||
2 | to determining the feasibility or practicability of any | ||||||
3 | project,
together with such other expenses as
may be | ||||||
4 | necessary or incident to the financing, insuring, | ||||||
5 | acquisition, and
construction of a specific project
and the | ||||||
6 | placing of the same in operation.
| ||||||
7 | "Local government project" means a project or other | ||||||
8 | undertaking that is authorized or required by law to be | ||||||
9 | acquired, constructed, reconstructed, equipped, improved, | ||||||
10 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
11 | in any manner by a local governmental unit. | ||||||
12 | "Local government security" means a bond, note, or other | ||||||
13 | evidence of indebtedness that a local governmental unit is | ||||||
14 | legally authorized to issue for the purpose of financing a | ||||||
15 | public purpose project or to issue for any other lawful public | ||||||
16 | purpose under any provision of the Illinois Constitution or | ||||||
17 | laws of this State, whether the obligation is payable from | ||||||
18 | taxes or revenues, rates, charges, assessments, | ||||||
19 | appropriations, grants, or any other lawful source or | ||||||
20 | combination thereof, and specifically includes, without | ||||||
21 | limitation, obligations under any lease or lease purchase | ||||||
22 | agreement lawfully entered into by the local governmental unit | ||||||
23 | for the acquisition or use of facilities or equipment. | ||||||
24 | "Local governmental unit" means a unit of local government, | ||||||
25 | as defined in Section 1 of Article VII of the Illinois | ||||||
26 | Constitution, and any local public entity as that term is |
| |||||||
| |||||||
1 | defined in the Local Governmental and Governmental Employees | ||||||
2 | Tort Immunity Act and such unit of local government or local | ||||||
3 | public entity is located within the geographical territory of | ||||||
4 | the Authority. | ||||||
5 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
6 | (70 ILCS 519/5-40) | ||||||
7 | Sec. 5-40. Bonds.
| ||||||
8 | (a) The Authority, with the written approval of the | ||||||
9 | Governor, shall have the
continuing power to issue
bonds, | ||||||
10 | notes, or other evidences of indebtedness in an aggregate | ||||||
11 | amount outstanding not to
exceed $250,000,000 for the
following | ||||||
12 | purposes: (i) development, construction, acquisition, or | ||||||
13 | improvement
of projects, including those
established by | ||||||
14 | business entities locating or expanding property within the
| ||||||
15 | territorial jurisdiction of the
Authority; (ii) entering into | ||||||
16 | venture capital agreements with businesses
locating or | ||||||
17 | expanding within the
territorial jurisdiction of the | ||||||
18 | Authority; and (iii) acquisition and improvement of
any | ||||||
19 | property necessary and
useful in connection therewith ; and (iv) | ||||||
20 | any local government projects. With respect to any local | ||||||
21 | government project, the Authority is authorized to purchase | ||||||
22 | from time to time pursuant to negotiated sale or to otherwise | ||||||
23 | acquire from time to time any local government security upon | ||||||
24 | terms and conditions as the Authority may prescribe in | ||||||
25 | connection with the local government security . For
the purpose |
| |||||||
| |||||||
1 | of evidencing the obligations of the Authority to repay any | ||||||
2 | money
borrowed, the Authority
may, pursuant to resolution, from | ||||||
3 | time to time, issue and dispose of its interest-bearing revenue | ||||||
4 | bonds,
notes, or other evidences of indebtedness and may also | ||||||
5 | from time to time issue and dispose of such bonds,
notes, or | ||||||
6 | other evidences of indebtedness to refund, at maturity, at a | ||||||
7 | redemption date or in advance of
either, any bonds, notes, or | ||||||
8 | other evidences of indebtedness pursuant to redemption | ||||||
9 | provisions or at any
time before maturity. All such bonds, | ||||||
10 | notes, or other evidences of indebtedness shall be payable | ||||||
11 | solely and
only from the revenues or income to be derived from | ||||||
12 | loans made with respect to projects, from the leasing
or sale | ||||||
13 | of the projects, or from any other funds available to the | ||||||
14 | Authority for such purposes. The bonds,
notes, or other | ||||||
15 | evidences of indebtedness may bear such date or dates, may | ||||||
16 | mature at such time or times not
exceeding 40 years from their | ||||||
17 | respective dates, may bear interest at such rate or rates not | ||||||
18 | exceeding the
maximum rate permitted by the Bond Authorization | ||||||
19 | Act, may be in such form, may carry such registration
| ||||||
20 | privileges, may be executed in such manner, may be payable at | ||||||
21 | such place or places, may be made subject
to redemption in such | ||||||
22 | manner and upon such terms, with or without premium, as is | ||||||
23 | stated on the face
thereof, may be authenticated in such manner | ||||||
24 | and may contain such terms and
covenants as may be
provided by | ||||||
25 | an applicable resolution.
| ||||||
26 | (b) The holder or holders of any bonds, notes, or other |
| |||||||
| |||||||
1 | evidences of
indebtedness issued by the
Authority may bring | ||||||
2 | suits at law or proceedings in equity to compel the
performance | ||||||
3 | and observance by
any corporation or person or by the Authority | ||||||
4 | or any of its agents or employees
of any contract or covenant
| ||||||
5 | made with the holders of the bonds, notes, or other evidences | ||||||
6 | of indebtedness,
to compel such corporation,
person, the | ||||||
7 | Authority, and any of its agents or employees to perform any | ||||||
8 | duties
required to be performed
for the benefit of the holders | ||||||
9 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
10 | provision of the
resolution authorizing their issuance and to | ||||||
11 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
12 | agents or employees from taking any action in conflict with any | ||||||
13 | contract or
covenant.
| ||||||
14 | (c) If the Authority fails to pay the principal of or | ||||||
15 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
16 | becomes due, a civil action to compel payment may be instituted | ||||||
17 | in the
appropriate circuit court by
the holder or holders of | ||||||
18 | the bonds on which the default of payment exists or by
an | ||||||
19 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
20 | a summons and a copy of the complaint to
the chairman of the | ||||||
21 | Board
shall constitute sufficient service to give the circuit | ||||||
22 | court jurisdiction over
the subject matter of the suit and
| ||||||
23 | jurisdiction over the Authority and its officers named as | ||||||
24 | defendants for the
purpose of compelling such
payment. Any | ||||||
25 | case, controversy, or cause of action concerning the validity | ||||||
26 | of
this Act relates to the
revenue of the State of Illinois.
|
| |||||||
| |||||||
1 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
2 | or other evidence
of indebtedness and in
the absence of any | ||||||
3 | express recital on its face that it is non-negotiable, all
such | ||||||
4 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
5 | negotiable instruments. Pending the
preparation and execution | ||||||
6 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
7 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
8 | issued as provided by ordinance.
| ||||||
9 | (e) To secure the payment of any or all of such bonds, | ||||||
10 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
11 | received by the Authority from a lease agreement or loan
| ||||||
12 | agreement shall be pledged, and,
for the purpose of setting | ||||||
13 | forth the covenants and undertakings of the
Authority in | ||||||
14 | connection with the
issuance of the bonds, notes, or other | ||||||
15 | evidences of indebtedness and the
issuance of any additional | ||||||
16 | bonds,
notes or other evidences of indebtedness payable from | ||||||
17 | such revenues, income, or other funds to be derived
from | ||||||
18 | projects, the Authority may execute and deliver a mortgage or | ||||||
19 | trust agreement. A remedy for any
breach or default of the | ||||||
20 | terms of any mortgage or trust agreement by the Authority may | ||||||
21 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
22 | compel performance and compliance under the terms of the
| ||||||
23 | mortgage or trust agreement, but the trust agreement may | ||||||
24 | prescribe by whom or on whose behalf the action
may be | ||||||
25 | instituted.
| ||||||
26 | (f) Bonds or notes shall be secured as provided in the |
| |||||||
| |||||||
1 | authorizing ordinance which may include,
notwithstanding any | ||||||
2 | other provision of this Act, in addition to any other security, | ||||||
3 | a specific pledge,
assignment of and lien on, or security | ||||||
4 | interest in any or all revenues or money of the Authority, from
| ||||||
5 | whatever source, which may, by law, be used for debt service | ||||||
6 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
7 | or security interest in any funds or accounts established or
| ||||||
8 | provided for by ordinance of the
Authority authorizing the | ||||||
9 | issuance of the bonds or notes.
| ||||||
10 | (g) The State of Illinois pledges to and agrees with the | ||||||
11 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
12 | to this Section that the State will not limit or alter the | ||||||
13 | rights and powers vested in the
Authority by this Act so as to | ||||||
14 | impair the terms of any contract made by the Authority with the | ||||||
15 | holders of
bonds or notes or in any way impair the rights and | ||||||
16 | remedies of those holders until the bonds and notes,
together | ||||||
17 | with interest thereon, with interest on any unpaid installments | ||||||
18 | of interest, and all costs and
expenses in connection with any | ||||||
19 | action or proceedings by or on behalf of the holders, are fully | ||||||
20 | met and
discharged. In addition, the State pledges to and | ||||||
21 | agrees with the holders of the bonds and notes of the
Authority | ||||||
22 | issued pursuant to this Section that the State will not limit | ||||||
23 | or alter the basis on which State funds
are to be paid to the | ||||||
24 | Authority as provided in this Act, or the use of such funds, so | ||||||
25 | as to impair the terms of
any such contract. The Authority is | ||||||
26 | authorized to include these pledges and agreements of the State |
| |||||||
| |||||||
1 | in any
contract with the holders of bonds or notes issued | ||||||
2 | pursuant to this Section.
| ||||||
3 | (h) (Blank).
| ||||||
4 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
5 | (70 ILCS 519/5-43 new) | ||||||
6 | Sec. 5-43. Local government securities. Any local | ||||||
7 | governmental unit which is authorized to issue, sell, and | ||||||
8 | deliver its local government securities under any provision of | ||||||
9 | the Illinois Constitution or laws of this State may issue, | ||||||
10 | sell, and deliver such local government securities to the | ||||||
11 | Authority as provided by this Act, provided that and | ||||||
12 | notwithstanding any other provision of law to the contrary, any | ||||||
13 | such local governmental unit may issue and sell any such local | ||||||
14 | government security at any interest rate, which rate or rates | ||||||
15 | may be established by an index or formula which may be | ||||||
16 | implemented by persons appointed or retained therefor, payable | ||||||
17 | at such time or times and at such price or prices to which the | ||||||
18 | local governmental unit and the Authority may agree. Any local | ||||||
19 | governmental unit may pay any amount charged by the Authority. | ||||||
20 | Any local governmental unit may pay out of the proceeds of its | ||||||
21 | local government securities or out of any other moneys or funds | ||||||
22 | available to it for such purposes any costs, fees, interest | ||||||
23 | deemed necessary, premiums or revenues incurred or required for | ||||||
24 | financing or refinancing this program, including, without | ||||||
25 | limitation, any fees charged by the Authority and its share, as |
| |||||||
| |||||||
1 | determined by the Authority, of any costs, fees, interest | ||||||
2 | deemed necessary, premiums or revenues incurred or required | ||||||
3 | pursuant to this Act. All local government securities purchased | ||||||
4 | by the Authority pursuant to this Act shall upon delivery to | ||||||
5 | the Authority be accompanied by an approving opinion of bond | ||||||
6 | counsel as to the validity of such securities. The Authority | ||||||
7 | shall have discretion to purchase or otherwise acquire those | ||||||
8 | local government securities as it shall deem to be in the best | ||||||
9 | interest of its financing program for all local governmental | ||||||
10 | units taken as a whole.
| ||||||
11 | Section 30. The Southwestern Illinois Development | ||||||
12 | Authority Act is amended by changing Sections 4, 5, and 8 as | ||||||
13 | follows:
| ||||||
14 | (70 ILCS 520/4) (from Ch. 85, par. 6154)
| ||||||
15 | Sec. 4. (a) There is hereby created a political | ||||||
16 | subdivision, body politic
and municipal corporation named the | ||||||
17 | Southwestern Illinois Development
Authority.
The territorial | ||||||
18 | jurisdiction of the Authority is that geographic area
within | ||||||
19 | the boundaries of Madison,
St. Clair, Bond, Monroe, and Clinton
| ||||||
20 | counties in the State of
Illinois and any navigable waters and | ||||||
21 | air space located therein.
| ||||||
22 | (b) The governing and administrative powers of the | ||||||
23 | Authority shall be
vested in a body consisting of 15 14
members | ||||||
24 | including, as ex officio
members,
the Director of Commerce and |
| |||||||
| |||||||
1 | Economic Opportunity, or his or her
designee, and the Secretary | ||||||
2 | of Transportation,
or his or her designee.
The other 13 12
| ||||||
3 | members of the Authority
shall be designated "public members", | ||||||
4 | 6 of whom shall be appointed by the
Governor
with the advice | ||||||
5 | and consent of the Senate, 2 of whom shall be appointed by
the | ||||||
6 | county board chairman of Madison County,
2 of whom shall be
| ||||||
7 | appointed by the county board chairman of St. Clair County, one | ||||||
8 | of whom
shall be appointed by the county board chairman of Bond | ||||||
9 | County, and one of whom
shall be appointed by the county board | ||||||
10 | chairman of Clinton County , and one of whom shall be appointed | ||||||
11 | by the county board chairman of Monroe County . All
public | ||||||
12 | members shall reside within the territorial jurisdiction of | ||||||
13 | this Act.
Eight members shall constitute a quorum.
The public | ||||||
14 | members shall be
persons of recognized ability and
experience | ||||||
15 | in one or more of the following areas: economic development,
| ||||||
16 | finance, banking, industrial development, small business | ||||||
17 | management, real
estate development, community development, | ||||||
18 | venture finance, organized labor
or civic, community or | ||||||
19 | neighborhood organization. The Chairman of the
Authority shall | ||||||
20 | be elected by the Board annually from the members
appointed by | ||||||
21 | the county board chairmen.
| ||||||
22 | (c) The terms of all members of the Authority shall begin | ||||||
23 | 30 days after
the effective date of this Act. Of the 8 public | ||||||
24 | members
appointed pursuant to this Act, 3 shall serve until the
| ||||||
25 | third Monday in January, 1988, 3 shall serve until the third | ||||||
26 | Monday in
January, 1989, and 2
shall serve until the third |
| |||||||
| |||||||
1 | Monday in January, 1990.
The public members initially appointed | ||||||
2 | under this amendatory Act of the 94th General Assembly shall | ||||||
3 | serve until the third Monday in January, 2008. All successors | ||||||
4 | shall be appointed by the original appointing authority and
| ||||||
5 | hold office for a term of 3 years commencing the third
Monday | ||||||
6 | in January of the year in which their term commences, except in | ||||||
7 | case
of an appointment to fill a vacancy.
Vacancies
occurring | ||||||
8 | among the public members shall be filled for the
remainder of | ||||||
9 | the term.
In case of vacancy in a Governor-appointed membership | ||||||
10 | when
the Senate is not in session, the Governor may make a | ||||||
11 | temporary appointment
until the next meeting of the Senate when | ||||||
12 | a person shall be nominated to
fill such office, and any person | ||||||
13 | so nominated who is confirmed by the
Senate shall hold office | ||||||
14 | during the remainder of the term and until a
successor shall be | ||||||
15 | appointed and qualified.
Members of the Authority shall not be | ||||||
16 | entitled to compensation for their services
as members but | ||||||
17 | shall be entitled to reimbursement for all necessary
expenses | ||||||
18 | incurred in connection with the performance of their duties as | ||||||
19 | members.
| ||||||
20 | (d) The Governor may remove any public member of the | ||||||
21 | Authority in case
of incompetency, neglect of duty, or | ||||||
22 | malfeasance in office.
| ||||||
23 | (e) The Board shall appoint an Executive Director who shall | ||||||
24 | have a
background in finance, including familiarity with the | ||||||
25 | legal and
procedural requirements of issuing bonds, real estate | ||||||
26 | or economic
development and administration. The Executive |
| |||||||
| |||||||
1 | Director shall hold office
at the discretion of the Board. The | ||||||
2 | Executive Director shall be the chief
administrative and | ||||||
3 | operational officer of the Authority, shall direct
and | ||||||
4 | supervise its administrative affairs and general management, | ||||||
5 | shall perform
such other duties as may be prescribed from time | ||||||
6 | to time by the members and
shall receive compensation fixed by | ||||||
7 | the Authority. The Executive Director
shall attend all meetings | ||||||
8 | of the Authority; however, no action of the
Authority shall be | ||||||
9 | invalid on account of the absence of the Executive
Director | ||||||
10 | from a meeting. The Authority may engage the services of such
| ||||||
11 | other agents and employees, including attorneys, appraisers, | ||||||
12 | engineers,
accountants, credit analysts and other consultants, | ||||||
13 | as it may deem
advisable and may prescribe their duties and fix | ||||||
14 | their compensation.
| ||||||
15 | (f) The Board may, by majority vote, nominate up to 4 | ||||||
16 | non-voting members
for appointment by the Governor. Non-voting | ||||||
17 | members shall be persons of
recognized ability and experience | ||||||
18 | in one or more of the following areas:
economic development, | ||||||
19 | finance, banking, industrial development, small
business | ||||||
20 | management, real estate development, community development, | ||||||
21 | venture finance,
organized labor or civic, community or | ||||||
22 | neighborhood organization.
Non-voting members shall serve at | ||||||
23 | the
pleasure of the Board. All non-voting members may attend | ||||||
24 | meetings of the
Board and shall be reimbursed as provided in | ||||||
25 | subsection (c).
| ||||||
26 | (g) The Board shall create a task force to study and make
|
| |||||||
| |||||||
1 | recommendations to the Board on the economic development of the | ||||||
2 | city of
East St. Louis and on the economic development of the | ||||||
3 | riverfront within the
territorial jurisdiction of this Act. The | ||||||
4 | members of the task force shall
reside within the territorial | ||||||
5 | jurisdiction of this Act, shall serve at the
pleasure of the | ||||||
6 | Board and shall be persons of recognized ability and
experience | ||||||
7 | in one or more of the following areas: economic development,
| ||||||
8 | finance, banking, industrial development, small business | ||||||
9 | management, real
estate development, community development, | ||||||
10 | venture finance, organized labor
or civic, community or | ||||||
11 | neighborhood organization. The number of members
constituting | ||||||
12 | the task force shall be set by the Board and may vary from
time | ||||||
13 | to time. The Board may set a specific date by which the task | ||||||
14 | force is
to submit its final report and recommendations to the | ||||||
15 | Board.
| ||||||
16 | (Source: P.A. 96-443, eff. 8-14-09.)
| ||||||
17 | (70 ILCS 520/5) (from Ch. 85, par. 6155)
| ||||||
18 | Sec. 5. All official acts of the Authority shall require | ||||||
19 | the approval
of at least 8 members. It shall be the duty of the | ||||||
20 | Authority to promote
development within the geographic | ||||||
21 | confines of Madison, Bond, Clinton, Monroe, and St. Clair
| ||||||
22 | counties. The Authority shall use the powers herein
conferred | ||||||
23 | upon it to assist in the development, construction and
| ||||||
24 | acquisition of industrial, commercial, housing or residential | ||||||
25 | projects
within Madison, Bond, Clinton, and St. Clair counties.
|
| |||||||
| |||||||
1 | (Source: P.A. 94-1096, eff. 6-1-07 .)
| ||||||
2 | (70 ILCS 520/8) (from Ch. 85, par. 6158)
| ||||||
3 | Sec. 8. (a) The Authority may, but need not, acquire title | ||||||
4 | to any
project with respect to which it exercises its | ||||||
5 | authority.
| ||||||
6 | (b) The Authority shall have power to acquire by purchase, | ||||||
7 | lease, gift or
otherwise any property or rights therein from | ||||||
8 | any person or persons, the
State of Illinois, any municipal | ||||||
9 | corporation, any local unit of government, the
government of | ||||||
10 | the United States and any agency or instrumentality of the
| ||||||
11 | United States, any body politic or any county useful for its | ||||||
12 | purposes, whether
improved for the purposes of any prospective | ||||||
13 | project or unimproved. The
Authority may also accept any | ||||||
14 | donation of funds for its purposes from any
such source. The | ||||||
15 | Authority may acquire any real property, or rights
therein, | ||||||
16 | upon condemnation. The acquisition by eminent domain of such | ||||||
17 | real
property or any interest therein by the Authority shall be | ||||||
18 | in the manner
provided by the Eminent Domain Act,
including | ||||||
19 | Article 20 thereof (quick-take power).
| ||||||
20 | The Authority shall not exercise any quick-take eminent | ||||||
21 | domain powers
granted by State law within the corporate limits | ||||||
22 | of a municipality unless the
governing authority of the | ||||||
23 | municipality authorizes the Authority to do so. The
Authority | ||||||
24 | shall not exercise any quick-take eminent domain powers granted | ||||||
25 | by
State law within the unincorporated areas of a county unless |
| |||||||
| |||||||
1 | the county board
authorizes the Authority to do so.
| ||||||
2 | (c) The Authority shall have power to develop, construct | ||||||
3 | and improve,
either under its own direction or through | ||||||
4 | collaboration with any approved
applicant, or to acquire | ||||||
5 | through purchase or otherwise any project, using
for such | ||||||
6 | purpose the proceeds derived from its sale of revenue bonds, | ||||||
7 | notes
or other evidences of indebtedness or governmental loans | ||||||
8 | or grants and to
hold title in the name of the Authority to | ||||||
9 | such projects.
| ||||||
10 | (d) The Authority shall have the power to enter into | ||||||
11 | intergovernmental
agreements with the State of Illinois, the | ||||||
12 | counties of Madison , Bond, Clinton, Monroe, or
St. Clair, the | ||||||
13 | Southwest Regional Port District, the Illinois
Finance | ||||||
14 | Authority, the Illinois Housing Development Authority, the | ||||||
15 | Metropolitan
Pier and
Exposition Authority, the United States | ||||||
16 | government and any agency or
instrumentality of the United | ||||||
17 | States, the city of East St. Louis, any unit
of local | ||||||
18 | government located within the territory of the Authority or any
| ||||||
19 | other unit of government to the extent allowed by Article VII, | ||||||
20 | Section 10
of the Illinois Constitution and the | ||||||
21 | Intergovernmental Cooperation Act.
| ||||||
22 | (e) The Authority shall have the power to share employees | ||||||
23 | with other units
of government, including agencies of the | ||||||
24 | United States, agencies of the
State of Illinois and agencies | ||||||
25 | or personnel of any unit of local government.
| ||||||
26 | (f) The Authority shall have the power to exercise powers |
| |||||||
| |||||||
1 | and issue
bonds as if it were a municipality so authorized in | ||||||
2 | Divisions 12.1, 74,
74.1, 74.3 and 74.5 of Article 11 of the | ||||||
3 | Illinois Municipal Code.
| ||||||
4 | (Source: P.A. 93-205, eff. 1-1-04; 94-1055, eff. 1-1-07.)
| ||||||
5 | Section 35. The Tri-County River Valley Development | ||||||
6 | Authority Law is amended by changing Sections 2003 and 2007 and | ||||||
7 | by adding Section 2007.5 as follows:
| ||||||
8 | (70 ILCS 525/2003) (from Ch. 85, par. 7503)
| ||||||
9 | Sec. 2003. Definitions. The following terms, whenever used | ||||||
10 | or referred
to in this Article, shall have the following | ||||||
11 | meanings, except in such
instances where the context may | ||||||
12 | clearly indicate otherwise:
| ||||||
13 | (a) "Authority" means the Tri-County River Valley | ||||||
14 | Development Authority
created by this Article.
| ||||||
15 | (b) "Governmental agency" means any federal, State or local | ||||||
16 | governmental
body, and any agency or instrumentality thereof, | ||||||
17 | corporate or otherwise.
| ||||||
18 | (c) "Person" means any natural person, firm, partnership, | ||||||
19 | corporation,
both domestic and foreign, company, association | ||||||
20 | or joint stock association
and includes any trustee, receiver, | ||||||
21 | assignee or personal representative
thereof.
| ||||||
22 | (d) "Revenue bond" means any bond issued by the Authority | ||||||
23 | the principal
and interest of which is payable solely from | ||||||
24 | revenues or income
derived from any project or activity of the |
| |||||||
| |||||||
1 | Authority.
| ||||||
2 | (e) "Board" means the Tri-County River Valley Development | ||||||
3 | Authority
Board of Directors.
| ||||||
4 | (f) "Governor" means the Governor of the State of Illinois.
| ||||||
5 | (g) "City" means any city, village, incorporated town or | ||||||
6 | township
within the geographical territory of the Authority.
| ||||||
7 | (h) "Industrial project" means (1) a capital project, | ||||||
8 | including one or
more buildings and other structures, | ||||||
9 | improvements, machinery and equipment
whether or not on the | ||||||
10 | same site or sites now existing or hereafter
acquired, suitable | ||||||
11 | for use by any manufacturing, industrial, research,
| ||||||
12 | transportation or commercial enterprise including but not | ||||||
13 | limited to use
as a factory, mill, processing plant, assembly | ||||||
14 | plant, packaging plant,
fabricating plant, office building, | ||||||
15 | industrial distribution center,
warehouse, repair, overhaul or | ||||||
16 | service facility, freight terminal, research
facility, test | ||||||
17 | facility, railroad facility, solid waste and wastewater
| ||||||
18 | treatment and disposal sites and other pollution control | ||||||
19 | facilities,
resource or waste reduction, recovery, treatment | ||||||
20 | and disposal facilities,
and including also the sites thereof | ||||||
21 | and other rights in land therefor
whether improved or | ||||||
22 | unimproved, site preparation and landscaping and all
| ||||||
23 | appurtenances and facilities incidental thereto such as | ||||||
24 | utilities, access
roads, railroad sidings, truck docking and | ||||||
25 | similar facilities, parking
facilities, dockage, wharfage, | ||||||
26 | railroad roadbed, track, trestle, depot,
terminal, switching |
| |||||||
| |||||||
1 | and signaling equipment or related equipment and other
| ||||||
2 | improvements necessary or convenient thereto; or (2) any land, | ||||||
3 | buildings,
machinery or equipment comprising an addition to or | ||||||
4 | renovation,
rehabilitation or improvement of any existing | ||||||
5 | capital project.
| ||||||
6 | (i) "Housing project" or "residential project" includes a | ||||||
7 | specific work
or improvement undertaken to provide dwelling | ||||||
8 | accommodations, including the
acquisition, construction or | ||||||
9 | rehabilitation of lands, buildings and
community facilities | ||||||
10 | and in connection therewith to provide nonhousing
facilities | ||||||
11 | which are an integral part of a planned large-scale project or
| ||||||
12 | new community.
| ||||||
13 | (j) "Commercial project" means any project, including but | ||||||
14 | not limited to
one or more buildings and other structures, | ||||||
15 | improvements, machinery and
equipment whether or not on the | ||||||
16 | same site or sites now existing or
hereafter acquired, suitable | ||||||
17 | for use by any retail or wholesale concern,
distributorship or | ||||||
18 | agency, any cultural facilities of a for-profit or
| ||||||
19 | not-for-profit type including but not limited to educational, | ||||||
20 | theatrical,
recreational and entertainment, sports facilities, | ||||||
21 | racetracks, stadiums,
convention centers, exhibition halls, | ||||||
22 | arenas, opera houses and theaters,
waterfront improvements, | ||||||
23 | swimming pools, boat storage, moorage, docking
facilities, | ||||||
24 | restaurants, velodromes, coliseums, sports training | ||||||
25 | facilities,
parking facilities, terminals, hotels and motels, | ||||||
26 | gymnasiums, medical
facilities and port facilities.
|
| |||||||
| |||||||
1 | (k) "Project" means an industrial, housing, residential, | ||||||
2 | commercial or
service project or any combination thereof | ||||||
3 | provided that all uses shall
fall within one of the categories | ||||||
4 | described above. Any project, of any
nature whatsoever, shall | ||||||
5 | automatically include all site improvements and
new | ||||||
6 | construction involving sidewalks, sewers, solid waste and | ||||||
7 | wastewater
treatment and disposal sites and other pollution | ||||||
8 | control facilities,
resource or waste reduction, recovery, | ||||||
9 | treatment and disposal facilities,
parks, open spaces, | ||||||
10 | wildlife sanctuaries, streets, highways and runways.
| ||||||
11 | (l) "Lease agreement" shall mean an agreement whereby a | ||||||
12 | project acquired
by the Authority by purchase, gift or lease is | ||||||
13 | leased to any person or
corporation which will use or cause the | ||||||
14 | project to be used as a project as
heretofore defined upon | ||||||
15 | terms providing for lease rental payments at least
sufficient | ||||||
16 | to pay when due all principal of and interest and premium, if | ||||||
17 | any,
on any bonds, notes or other evidences of indebtedness of | ||||||
18 | the Authority
issued with respect to such project, providing | ||||||
19 | for the maintenance,
insurance and operation of the project on | ||||||
20 | terms satisfactory to the
Authority and providing for | ||||||
21 | disposition of the project upon termination of
the lease term, | ||||||
22 | including purchase options or abandonment of the premises,
with | ||||||
23 | such other terms as may be deemed desirable by the Authority.
| ||||||
24 | (m) "Loan agreement" means any agreement pursuant to which | ||||||
25 | the Authority
agrees to loan the proceeds of its bonds, notes | ||||||
26 | or other evidences of
indebtedness issued with respect to a |
| |||||||
| |||||||
1 | project to any person or corporation
which will use or cause | ||||||
2 | the project to be used as a project as heretofore
defined upon | ||||||
3 | terms providing for loan repayment installments at least
| ||||||
4 | sufficient to pay when due all principal of and interest and | ||||||
5 | premium, if any,
on any bonds, notes or other evidences of | ||||||
6 | indebtedness of the Authority
issued with respect to the | ||||||
7 | project, providing for maintenance, insurance
and operation of | ||||||
8 | the project on terms satisfactory to the Authority and
| ||||||
9 | providing for other matters as may be deemed advisable by the | ||||||
10 | Authority.
| ||||||
11 | (n) "Financial aid" means the expenditure of Authority | ||||||
12 | funds or funds
provided by the Authority through the issuance | ||||||
13 | of its revenue bonds, notes
or other evidences of indebtedness | ||||||
14 | for the development, construction,
acquisition or improvement | ||||||
15 | of a project.
| ||||||
16 | (o) "Costs incurred in connection with the development, | ||||||
17 | construction,
acquisition or improvement of a project" means | ||||||
18 | the following: the cost of
purchase and construction of all | ||||||
19 | lands and improvements in connection
therewith and equipment | ||||||
20 | and other property, rights, easements and franchises
acquired | ||||||
21 | which are deemed necessary for such construction; financing
| ||||||
22 | charges; interest costs with respect to bonds, notes and other | ||||||
23 | evidences of
indebtedness of the Authority prior to and during | ||||||
24 | construction and for a
period of 6 months thereafter; | ||||||
25 | engineering and legal expenses; the costs of plans,
| ||||||
26 | specifications, surveys and estimates of costs and other |
| |||||||
| |||||||
1 | expenses necessary or
incident to determining the feasibility | ||||||
2 | or practicability of any project,
together with such other | ||||||
3 | expenses as may be necessary or incident to the
financing, | ||||||
4 | insuring, acquisition and construction of a specific project | ||||||
5 | and
the placing of the same in operation.
| ||||||
6 | (p) "Terminal" means a public place, station or depot for | ||||||
7 | receiving and
delivering passengers, baggage, mail, freight or | ||||||
8 | express matter and any
combination thereof in connection with | ||||||
9 | the transportation of
persons and property on water or land or | ||||||
10 | in the air.
| ||||||
11 | (q) "Terminal facilities" means all land, buildings, | ||||||
12 | structures,
improvements, equipment and appliances useful in | ||||||
13 | the operation of public
warehouse, storage and transportation | ||||||
14 | facilities and industrial,
manufacturing or commercial | ||||||
15 | activities for the accommodation of or in
connection with | ||||||
16 | commerce by water or land or in the air or useful as an
aid, or | ||||||
17 | constituting an advantage or convenience to, the safe landing,
| ||||||
18 | taking off and navigation of aircraft or the safe and efficient | ||||||
19 | operation
or maintenance of a public airport.
| ||||||
20 | (r) "Port facilities" means all public structures, except | ||||||
21 | terminal
facilities as defined herein, that are in, over, under | ||||||
22 | or adjacent to
navigable waters and are necessary for or | ||||||
23 | incident to the furtherance of
water commerce and includes the | ||||||
24 | widening and deepening of slips, harbors
and navigable waters.
| ||||||
25 | (s) "Airport" means any locality, either land or water, | ||||||
26 | which is used or
designed for the landing and taking off of |
| |||||||
| |||||||
1 | aircraft or for the location of
runways, landing fields, | ||||||
2 | aerodromes, hangars, buildings, structures,
airport roadways | ||||||
3 | and other facilities.
| ||||||
4 | (t) "Local government project" means a project or other | ||||||
5 | undertaking that is authorized or required by law to be | ||||||
6 | acquired, constructed, reconstructed, equipped, improved, | ||||||
7 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
8 | in any manner by a local governmental unit. | ||||||
9 | (u) "Local government security" means a bond, note, or | ||||||
10 | other evidence of indebtedness that a local governmental unit | ||||||
11 | is legally authorized to issue for the purpose of financing a | ||||||
12 | public purpose project or to issue for any other lawful public | ||||||
13 | purpose under any provision of the Illinois Constitution or | ||||||
14 | laws of this State, whether the obligation is payable from | ||||||
15 | taxes or revenues, rates, charges, assessments, | ||||||
16 | appropriations, grants, or any other lawful source or | ||||||
17 | combination thereof, and specifically includes, without | ||||||
18 | limitation, obligations under any lease or lease purchase | ||||||
19 | agreement lawfully entered into by the local governmental unit | ||||||
20 | for the acquisition or use of facilities or equipment. | ||||||
21 | (v) "Local governmental unit" means a unit of local | ||||||
22 | government, as defined in Section 1 of Article VII of the | ||||||
23 | Illinois Constitution, and any local public entity as that term | ||||||
24 | is defined in the Local Governmental and Governmental Employees | ||||||
25 | Tort Immunity Act and such unit of local government or local | ||||||
26 | public entity is located within the geographical territory of |
| |||||||
| |||||||
1 | the Authority. | ||||||
2 | (Source: P.A. 86-1489.)
| ||||||
3 | (70 ILCS 525/2007) (from Ch. 85, par. 7507)
| ||||||
4 | Sec. 2007. Bonds.
| ||||||
5 | (a) The Authority, with the written approval of the | ||||||
6 | Governor,
shall have the continuing power to issue bonds, | ||||||
7 | notes, or other evidences
of indebtedness in an aggregate | ||||||
8 | amount outstanding not to exceed $250,000,000 for the
purpose | ||||||
9 | of developing, constructing, acquiring or improving projects,
| ||||||
10 | including those established by business entities locating or | ||||||
11 | expanding
property within the territorial jurisdiction of the | ||||||
12 | Authority, for entering
into venture capital agreements with | ||||||
13 | businesses locating or expanding
within the territorial | ||||||
14 | jurisdiction of the Authority, for acquiring and
improving any | ||||||
15 | property necessary and useful in connection therewith , and for
| ||||||
16 | the purposes of the Employee Ownership Assistance Act , and any | ||||||
17 | local government projects. With respect to any local government | ||||||
18 | project, the Authority is authorized to purchase from time to | ||||||
19 | time pursuant to negotiated sale or to otherwise acquire from | ||||||
20 | time to time any local government security upon terms and | ||||||
21 | conditions as the Authority may prescribe in connection with | ||||||
22 | the local government security . For the purpose of
evidencing | ||||||
23 | the obligations of the Authority to repay any money borrowed,
| ||||||
24 | the Authority may, pursuant to resolution, from time to time | ||||||
25 | issue and
dispose of its interest bearing revenue bonds, notes |
| |||||||
| |||||||
1 | or other evidences of
indebtedness and may also from time to | ||||||
2 | time issue and dispose of such
bonds, notes or other evidences | ||||||
3 | of indebtedness to refund, at maturity, at
a redemption date or | ||||||
4 | in advance of either, any bonds, notes or other
evidences of | ||||||
5 | indebtedness pursuant to redemption provisions or at any time
| ||||||
6 | before maturity. All such bonds, notes or other evidences of | ||||||
7 | indebtedness
shall be payable from the revenues or income to be | ||||||
8 | derived from loans made
with respect to projects, from the | ||||||
9 | leasing or sale of the projects or from
any other funds | ||||||
10 | available to the Authority for such purposes. The bonds,
notes | ||||||
11 | or other evidences of indebtedness may bear such date or dates, | ||||||
12 | may
mature at such time or times not exceeding 40 years from | ||||||
13 | their respective
dates, may bear interest at such rate or rates | ||||||
14 | not exceeding the maximum
rate permitted by the Bond | ||||||
15 | Authorization Act, may be in such form, may
carry such | ||||||
16 | registration privileges, may be executed in such manner, may be
| ||||||
17 | payable at such place or places, may be made subject to | ||||||
18 | redemption in such
manner and upon such terms, with or without | ||||||
19 | premium as is stated on the
face thereof, may be authenticated | ||||||
20 | in such manner and may contain such
terms and covenants as may | ||||||
21 | be provided by an applicable resolution.
| ||||||
22 | (b-1) The holder or holders of any bonds, notes or other | ||||||
23 | evidences of
indebtedness issued by the Authority may bring | ||||||
24 | suits at law or proceedings
in equity to compel the performance | ||||||
25 | and observance by any corporation or
person or by the Authority | ||||||
26 | or any of its agents or employees of any
contract or covenant |
| |||||||
| |||||||
1 | made with the holders of such bonds, notes or other
evidences | ||||||
2 | of indebtedness, to compel such corporation, person, the
| ||||||
3 | Authority and any of its agents or employees to perform any | ||||||
4 | duties required
to be performed for the benefit of the holders | ||||||
5 | of any such bonds, notes or
other evidences of indebtedness by | ||||||
6 | the provision of the resolution
authorizing their issuance and | ||||||
7 | to enjoin such corporation, person, the
Authority and any of | ||||||
8 | its agents or employees from taking any action in
conflict with | ||||||
9 | any such contract or covenant.
| ||||||
10 | (b-2) If the Authority fails to pay the principal of or | ||||||
11 | interest on any
of the bonds or premium, if any, as the same | ||||||
12 | become due, a civil action to
compel payment may be instituted | ||||||
13 | in the appropriate circuit court by the
holder or holders of | ||||||
14 | the bonds on which such default of payment exists or
by an | ||||||
15 | indenture trustee acting on behalf of such holders. Delivery of | ||||||
16 | a
summons and a copy of the complaint to the Chairman of the | ||||||
17 | Board shall
constitute sufficient service to give the circuit | ||||||
18 | court jurisdiction of the
subject matter of such a suit and | ||||||
19 | jurisdiction over the Authority and its
officers named as | ||||||
20 | defendants for the purpose of compelling such payment.
Any | ||||||
21 | case, controversy or cause of action concerning the validity of | ||||||
22 | this
Article relates to the revenue of the State of Illinois.
| ||||||
23 | (c) Notwithstanding the form and tenor of any such bonds, | ||||||
24 | notes or other
evidences of indebtedness and in the absence of | ||||||
25 | any express recital on the
face thereof that it is | ||||||
26 | non-negotiable, all such bonds, notes and other
evidences of |
| |||||||
| |||||||
1 | indebtedness shall be negotiable instruments. Pending the
| ||||||
2 | preparation and execution of any such bonds, notes or other | ||||||
3 | evidences of
indebtedness, temporary bonds, notes or evidences | ||||||
4 | of indebtedness may be
issued as provided by ordinance.
| ||||||
5 | (d) To secure the payment of any or all of such bonds, | ||||||
6 | notes or other
evidences of indebtedness, the revenues to be | ||||||
7 | received by the Authority from
a lease agreement or loan | ||||||
8 | agreement shall be pledged, and, for the purpose
of setting | ||||||
9 | forth the covenants and undertakings of the Authority in
| ||||||
10 | connection with the issuance thereof and the issuance of any | ||||||
11 | additional
bonds, notes or other evidences of indebtedness | ||||||
12 | payable from such revenues,
income or other funds to be derived | ||||||
13 | from projects, the Authority may
execute and deliver a mortgage | ||||||
14 | or trust agreement. A remedy for any breach
or default of the | ||||||
15 | terms of any such mortgage or trust agreement by the
Authority | ||||||
16 | may be by mandamus proceedings in the appropriate circuit court
| ||||||
17 | to compel the performance and compliance therewith, but the | ||||||
18 | trust agreement
may prescribe by whom or on whose behalf such | ||||||
19 | action may be instituted.
| ||||||
20 | (e) Such bonds or notes shall be secured as provided in the | ||||||
21 | authorizing
ordinance which may, notwithstanding any other | ||||||
22 | provision of this Article,
include in addition to any other | ||||||
23 | security a specific pledge or assignment
of and lien on or | ||||||
24 | security interest in any or all revenues or money of the
| ||||||
25 | Authority from whatever source which may by law be used for | ||||||
26 | debt
service purposes and a specific pledge or assignment of |
| |||||||
| |||||||
1 | and lien on or
security interest in any funds or accounts | ||||||
2 | established or provided for by
ordinance of the Authority | ||||||
3 | authorizing the issuance of such bonds or notes.
| ||||||
4 | (f) In the event that the Authority determines that monies | ||||||
5 | of the
Authority will not be sufficient for the payment of the | ||||||
6 | principal of and
interest on its bonds during the next State | ||||||
7 | fiscal year, the
Chairman, as soon as practicable, shall | ||||||
8 | certify to the Governor the
amount required by the Authority to | ||||||
9 | enable it to pay such principal of and
interest on the bonds. | ||||||
10 | The Governor shall submit the amount so certified to
the | ||||||
11 | General Assembly as soon as practicable, but no later than the | ||||||
12 | end of
the current State fiscal year. This subsection shall not | ||||||
13 | apply to any
bonds or notes as to which the Authority shall | ||||||
14 | have determined, in the
resolution authorizing the issuance of | ||||||
15 | the bonds or notes, that this
subsection shall not apply. | ||||||
16 | Whenever the Authority makes such a
determination, that fact | ||||||
17 | shall be plainly stated on the face of the bonds
or notes and | ||||||
18 | that fact shall also be reported to the Governor.
| ||||||
19 | In the event of a withdrawal of moneys from a reserve fund | ||||||
20 | established
with respect to any issue or issues of bonds of the | ||||||
21 | Authority to pay
principal or interest on those bonds, the | ||||||
22 | Chairman of the Authority, as
soon as practicable, shall | ||||||
23 | certify to the Governor the amount required
to restore the | ||||||
24 | reserve fund to the level required in the resolution or
| ||||||
25 | indenture securing those bonds. The Governor shall submit the | ||||||
26 | amount so
certified to the General Assembly as soon as |
| |||||||
| |||||||
1 | practicable, but no later than
the end of the current state | ||||||
2 | fiscal year. This subsection (f) shall not apply to any bond | ||||||
3 | issued on or after the effective date of this amendatory Act of | ||||||
4 | the 98th General Assembly.
| ||||||
5 | (g) The State of Illinois pledges to and agrees with the | ||||||
6 | holders of the
bonds and notes of the Authority issued pursuant | ||||||
7 | to this Section that the
State will not limit or alter the | ||||||
8 | rights and powers vested in the Authority
by this Article so as | ||||||
9 | to impair the terms of any contract made by the Authority
with | ||||||
10 | such holders or in any way impair the rights and remedies of | ||||||
11 | such
holders until such bonds and notes, together with interest | ||||||
12 | thereon, with
interest on any unpaid installments of interest, | ||||||
13 | and all costs and expenses
in connection with any action or | ||||||
14 | proceedings by or on behalf of such
holders, are fully met and | ||||||
15 | discharged. In addition, the State pledges to
and agrees with | ||||||
16 | the holders of the bonds and notes of the Authority issued
| ||||||
17 | pursuant to this Section that the State will not limit or alter | ||||||
18 | the basis
on which State funds are to be paid to the Authority | ||||||
19 | as provided in this
Act, or the use of such funds, so as to | ||||||
20 | impair the terms of any such
contract. The Authority is | ||||||
21 | authorized to include these pledges and
agreements of the State | ||||||
22 | in any contract with the holders of bonds or notes
issued | ||||||
23 | pursuant to this Section.
| ||||||
24 | (h) (Blank).
| ||||||
25 | (Source: P.A. 98-750, eff. 1-1-15 .)
|
| |||||||
| |||||||
1 | (70 ILCS 525/2007.5 new) | ||||||
2 | Sec. 2007.5. Local government securities. Any local | ||||||
3 | governmental unit which is authorized to issue, sell, and | ||||||
4 | deliver its local government securities under any provision of | ||||||
5 | the Illinois Constitution or laws of this State may issue, | ||||||
6 | sell, and deliver such local government securities to the | ||||||
7 | Authority as provided by this Act, provided that and | ||||||
8 | notwithstanding any other provision of law to the contrary, any | ||||||
9 | such local governmental unit may issue and sell any such local | ||||||
10 | government security at any interest rate, which rate or rates | ||||||
11 | may be established by an index or formula which may be | ||||||
12 | implemented by persons appointed or retained therefor, payable | ||||||
13 | at such time or times and at such price or prices to which the | ||||||
14 | local governmental unit and the Authority may agree. Any local | ||||||
15 | governmental unit may pay any amount charged by the Authority. | ||||||
16 | Any local governmental unit may pay out of the proceeds of its | ||||||
17 | local government securities or out of any other moneys or funds | ||||||
18 | available to it for such purposes any costs, fees, interest | ||||||
19 | deemed necessary, premiums or revenues incurred or required for | ||||||
20 | financing or refinancing this program, including, without | ||||||
21 | limitation, any fees charged by the Authority and its share, as | ||||||
22 | determined by the Authority, of any costs, fees, interest | ||||||
23 | deemed necessary, premiums or revenues incurred or required | ||||||
24 | pursuant to this Act. All local government securities purchased | ||||||
25 | by the Authority pursuant to this Act shall upon delivery to | ||||||
26 | the Authority be accompanied by an approving opinion of bond |
| |||||||
| |||||||
1 | counsel as to the validity of such securities. The Authority | ||||||
2 | shall have discretion to purchase or otherwise acquire those | ||||||
3 | local government securities as it shall deem to be in the best | ||||||
4 | interest of its financing program for all local governmental | ||||||
5 | units taken as a whole.
| ||||||
6 | Section 40. The Upper Illinois River Valley Development | ||||||
7 | Authority Act is amended by changing Sections 3, 4, 5, 7, and 8 | ||||||
8 | and by adding Section 7.5 as follows:
| ||||||
9 | (70 ILCS 530/3) (from Ch. 85, par. 7153)
| ||||||
10 | Sec. 3. Definitions. The following terms, whenever used or | ||||||
11 | referred to
in this Act, shall have the following meanings, | ||||||
12 | except in such instances
where the context may clearly indicate | ||||||
13 | otherwise:
| ||||||
14 | (a) "Authority" means the Upper Illinois River Valley | ||||||
15 | Development Authority
created by this Act.
| ||||||
16 | (b) "Governmental agency" means any federal, State or local | ||||||
17 | governmental
body, and any agency or instrumentality thereof, | ||||||
18 | corporate or otherwise.
| ||||||
19 | (c) "Person" means any natural person, firm, partnership, | ||||||
20 | corporation,
both domestic and foreign, company, association | ||||||
21 | or joint stock association
and includes any trustee, receiver, | ||||||
22 | assignee or personal representative
thereof.
| ||||||
23 | (d) "Revenue bond" means any bond issued by the Authority | ||||||
24 | the principal
and interest of which is payable solely from |
| |||||||
| |||||||
1 | revenues or income
derived from any project or activity of the | ||||||
2 | Authority.
| ||||||
3 | (e) "Board" means the Upper Illinois River Valley | ||||||
4 | Development Authority
Board of Directors.
| ||||||
5 | (f) "Governor" means the Governor of the State of Illinois.
| ||||||
6 | (g) "City" means any city, village, incorporated town or | ||||||
7 | township
within the geographical territory of the Authority.
| ||||||
8 | (h) "Industrial project" means (1) a capital project, | ||||||
9 | including one or
more buildings and other structures, | ||||||
10 | improvements, machinery and equipment
whether or not on the | ||||||
11 | same site or sites now existing or hereafter
acquired, suitable | ||||||
12 | for use by any manufacturing, industrial, research,
| ||||||
13 | transportation or commercial enterprise including but not | ||||||
14 | limited to use
as a factory, mill, processing plant, assembly | ||||||
15 | plant, packaging plant,
fabricating plant, office building, | ||||||
16 | industrial distribution center,
warehouse, repair, overhaul or | ||||||
17 | service facility, freight terminal, research
facility, test | ||||||
18 | facility, railroad facility, solid waste and wastewater
| ||||||
19 | treatment and disposal sites and other pollution control | ||||||
20 | facilities,
resource or waste reduction, recovery, treatment | ||||||
21 | and disposal facilities,
and including also the sites thereof | ||||||
22 | and other rights in land therefor
whether improved or | ||||||
23 | unimproved, site preparation and landscaping and all
| ||||||
24 | appurtenances and facilities incidental thereto such as | ||||||
25 | utilities, access
roads, railroad sidings, truck docking and | ||||||
26 | similar facilities, parking
facilities, dockage, wharfage, |
| |||||||
| |||||||
1 | railroad roadbed, track, trestle, depot,
terminal, switching | ||||||
2 | and signaling equipment or related equipment and other
| ||||||
3 | improvements necessary or convenient thereto; or (2) any land, | ||||||
4 | buildings,
machinery or equipment comprising an addition to or | ||||||
5 | renovation,
rehabilitation or improvement of any existing | ||||||
6 | capital project.
| ||||||
7 | (i) "Housing project" or "residential project" includes a | ||||||
8 | specific work
or improvement undertaken to provide dwelling | ||||||
9 | accommodations, including the
acquisition, construction or | ||||||
10 | rehabilitation of lands, buildings and
community facilities | ||||||
11 | and in connection therewith to provide nonhousing
facilities | ||||||
12 | which are an integral part of a planned large-scale project or
| ||||||
13 | new community.
| ||||||
14 | (j) "Commercial project" means any project, including but | ||||||
15 | not limited to
one or more buildings and other structures, | ||||||
16 | improvements, machinery and
equipment whether or not on the | ||||||
17 | same site or sites now existing or
hereafter acquired, suitable | ||||||
18 | for use by any retail or wholesale concern,
distributorship or | ||||||
19 | agency, any cultural facilities of a for-profit or
| ||||||
20 | not-for-profit type including but not limited to educational, | ||||||
21 | theatrical,
recreational and entertainment, sports facilities, | ||||||
22 | racetracks, stadiums,
convention centers, exhibition halls, | ||||||
23 | arenas, opera houses and theaters,
waterfront improvements, | ||||||
24 | swimming pools, boat storage, moorage, docking
facilities, | ||||||
25 | restaurants, velodromes, coliseums, sports training | ||||||
26 | facilities,
parking facilities, terminals, hotels and motels, |
| |||||||
| |||||||
1 | gymnasiums, medical
facilities and port facilities.
| ||||||
2 | (k) "Project" means an industrial, housing, residential, | ||||||
3 | commercial or
service project or any combination thereof | ||||||
4 | provided that all uses shall
fall within one of the categories | ||||||
5 | described above. Any project, of any
nature whatsoever, shall | ||||||
6 | automatically include all site improvements and
new | ||||||
7 | construction involving sidewalks, sewers, solid waste and | ||||||
8 | wastewater
treatment and disposal sites and other pollution | ||||||
9 | control facilities,
resource or waste reduction, recovery, | ||||||
10 | treatment and disposal facilities,
parks, open spaces, | ||||||
11 | wildlife sanctuaries, streets, highways and runways.
| ||||||
12 | (l) "Lease agreement" shall mean an agreement whereby a | ||||||
13 | project acquired
by the Authority by purchase, gift or lease is | ||||||
14 | leased to any person or
corporation which will use or cause the | ||||||
15 | project to be used as a project as
heretofore defined upon | ||||||
16 | terms providing for lease rental payments at least
sufficient | ||||||
17 | to pay when due all principal of and interest and premium, if | ||||||
18 | any,
on any bonds, notes or other evidences of indebtedness of | ||||||
19 | the Authority
issued with respect to such project, providing | ||||||
20 | for the maintenance,
insurance and operation of the project on | ||||||
21 | terms satisfactory to the
Authority and providing for | ||||||
22 | disposition of the project upon termination of
the lease term, | ||||||
23 | including purchase options or abandonment of the premises,
with | ||||||
24 | such other terms as may be deemed desirable by the Authority.
| ||||||
25 | (m) "Loan agreement" means any agreement pursuant to which | ||||||
26 | the Authority
agrees to loan the proceeds of its bonds, notes |
| |||||||
| |||||||
1 | or other evidences of
indebtedness issued with respect to a | ||||||
2 | project to any person or corporation
which will use or cause | ||||||
3 | the project to be used as a project as heretofore
defined upon | ||||||
4 | terms providing for loan repayment installments at least
| ||||||
5 | sufficient to pay when due all principal of and interest and | ||||||
6 | premium, if any,
on any bonds, notes or other evidences of | ||||||
7 | indebtedness of the Authority
issued with respect to the | ||||||
8 | project, providing for maintenance,
insurance and operation of | ||||||
9 | the project on terms satisfactory to the
Authority and | ||||||
10 | providing for other matters as may be deemed advisable
by the | ||||||
11 | Authority.
| ||||||
12 | (n) "Financial aid" means the expenditure of Authority | ||||||
13 | funds or funds
provided by the Authority through the issuance | ||||||
14 | of its revenue bonds, notes
or other evidences of indebtedness | ||||||
15 | for the development, construction,
acquisition or improvement | ||||||
16 | of a project.
| ||||||
17 | (o) "Costs incurred in connection with the development, | ||||||
18 | construction,
acquisition or improvement of a project" means | ||||||
19 | the following: the cost of
purchase and construction of all | ||||||
20 | lands and improvements in connection
therewith and equipment | ||||||
21 | and other property, rights, easements and franchises
acquired | ||||||
22 | which are deemed necessary for such construction; financing
| ||||||
23 | charges; interest costs with respect to bonds, notes and other | ||||||
24 | evidences of
indebtedness of the Authority prior to and during | ||||||
25 | construction and for a
period of 6 months thereafter; | ||||||
26 | engineering and legal expenses; the costs of
plans, |
| |||||||
| |||||||
1 | specifications, surveys and estimates of costs and other | ||||||
2 | expenses
necessary or incident to determining the feasibility | ||||||
3 | or practicability of
any project, together with such other | ||||||
4 | expenses as may be necessary or
incident to the financing, | ||||||
5 | insuring, acquisition and construction of a
specific project | ||||||
6 | and the placing of the same in operation.
| ||||||
7 | (p) "Terminal" means a public place, station or depot for | ||||||
8 | receiving and
delivering passengers, baggage, mail, freight or | ||||||
9 | express matter and any
combination thereof in connection with | ||||||
10 | the transportation of
persons and property on water or land or | ||||||
11 | in the air.
| ||||||
12 | (q) "Terminal facilities" means all land, buildings, | ||||||
13 | structures,
improvements, equipment and appliances useful in | ||||||
14 | the operation of public
warehouse, storage and transportation | ||||||
15 | facilities and industrial,
manufacturing or commercial | ||||||
16 | activities for the accommodation of or in
connection with | ||||||
17 | commerce by water or land or in the air or useful as an
aid, or | ||||||
18 | constituting an advantage or convenience to, the safe landing,
| ||||||
19 | taking off and navigation of aircraft or the safe and efficient | ||||||
20 | operation
or maintenance of a public airport.
| ||||||
21 | (r) "Port facilities" means all public structures, except | ||||||
22 | terminal
facilities as defined herein, that are in, over, under | ||||||
23 | or adjacent to
navigable waters and are necessary for or | ||||||
24 | incident to the furtherance of
water commerce and includes the | ||||||
25 | widening and deepening of slips, harbors
and navigable waters.
| ||||||
26 | (s) "Airport" means any locality, either land or water, |
| |||||||
| |||||||
1 | which is used or
designed for the landing and taking off of | ||||||
2 | aircraft or for the location of
runways, landing fields, | ||||||
3 | aerodromes, hangars, buildings, structures,
airport roadways | ||||||
4 | and other facilities.
| ||||||
5 | (t) "Local government project" means a project or other | ||||||
6 | undertaking that is authorized or required by law to be | ||||||
7 | acquired, constructed, reconstructed, equipped, improved, | ||||||
8 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
9 | in any manner by a local governmental unit. | ||||||
10 | (u) "Local government security" means a bond, note, or | ||||||
11 | other evidence of indebtedness that a local governmental unit | ||||||
12 | is legally authorized to issue for the purpose of financing a | ||||||
13 | public purpose project or to issue for any other lawful public | ||||||
14 | purpose under any provision of the Illinois Constitution or | ||||||
15 | laws of this State, whether the obligation is payable from | ||||||
16 | taxes or revenues, rates, charges, assessments, | ||||||
17 | appropriations, grants, or any other lawful source or | ||||||
18 | combination thereof, and specifically includes, without | ||||||
19 | limitation, obligations under any lease or lease purchase | ||||||
20 | agreement lawfully entered into by the local governmental unit | ||||||
21 | for the acquisition or use of facilities or equipment. | ||||||
22 | (v) "Local governmental unit" means a unit of local | ||||||
23 | government, as defined in Section 1 of Article VII of the | ||||||
24 | Illinois Constitution, and any local public entity as that term | ||||||
25 | is defined in the Local Governmental and Governmental Employees | ||||||
26 | Tort Immunity Act and such unit of local government or local |
| |||||||
| |||||||
1 | public entity is located within the geographical territory of | ||||||
2 | the Authority. | ||||||
3 | (Source: P.A. 86-1024.)
| ||||||
4 | (70 ILCS 530/4) (from Ch. 85, par. 7154)
| ||||||
5 | Sec. 4. Establishment.
| ||||||
6 | (a) There is hereby created a political
subdivision, body | ||||||
7 | politic and municipal corporation named the Upper
Illinois | ||||||
8 | River Valley Development Authority. The territorial | ||||||
9 | jurisdiction
of the Authority is that geographic area within | ||||||
10 | the boundaries of Grundy,
LaSalle, Bureau, Putnam, Kendall,
| ||||||
11 | Kane, Lake, McHenry, Boone, DeKalb,
and Marshall counties in | ||||||
12 | the State of
Illinois and
any navigable waters and air space | ||||||
13 | located therein.
| ||||||
14 | (b) The governing and administrative powers of the | ||||||
15 | Authority shall be
vested in a body consisting of 23 21 members | ||||||
16 | including, as ex officio
members,
the Director of Commerce and | ||||||
17 | Economic Opportunity, or his or her
designee, and the Director | ||||||
18 | of the Department of Central Management Services,
or his or her | ||||||
19 | designee. The other 21 19 members of the Authority shall
be
| ||||||
20 | designated "public members", 10 of whom shall be appointed by | ||||||
21 | the
Governor
with the advice and consent of the Senate and 11 9 | ||||||
22 | of whom shall be
appointed
one each by the county board | ||||||
23 | chairmen of Grundy, LaSalle, Bureau, Putnam,
Kendall,
Kane, | ||||||
24 | Lake, McHenry, Boone, DeKalb,
and Marshall counties. All public | ||||||
25 | members shall reside within the
territorial jurisdiction of |
| |||||||
| |||||||
1 | this Act. Twelve Eleven members shall
constitute a
quorum. The | ||||||
2 | public members shall be persons of recognized ability and
| ||||||
3 | experience in one or more of the following areas: economic | ||||||
4 | development,
finance, banking, industrial development, small | ||||||
5 | business management, real
estate development, community | ||||||
6 | development, venture finance, organized labor
or civic, | ||||||
7 | community or neighborhood organization. The Chairman of the
| ||||||
8 | Authority shall be elected by the Board annually from the 9 | ||||||
9 | members
appointed by the county board chairmen.
| ||||||
10 | (c) The terms of all initial members of the Authority shall | ||||||
11 | begin 30
days after
the effective date of this Act. Of the 14 | ||||||
12 | public members appointed
pursuant to this Act, 4 appointed by | ||||||
13 | the Governor shall serve until the
third Monday in January, | ||||||
14 | 1992, 4 appointed by the Governor shall serve
until the third | ||||||
15 | Monday in January, 1993, one appointed by the Governor
shall | ||||||
16 | serve until the third Monday in January, 1994, one appointed by | ||||||
17 | the
Governor shall serve until the third Monday in January | ||||||
18 | 1999, the member
appointed by the county board chairman of | ||||||
19 | LaSalle County shall serve until the
third Monday in January, | ||||||
20 | 1992, the members appointed by the county
board
chairmen of | ||||||
21 | Grundy County, Bureau County, Putnam County, and Marshall
| ||||||
22 | County shall serve until the third Monday in January, 1994, and | ||||||
23 | the
member appointed by the county board chairman of Kendall | ||||||
24 | County
shall serve until the third Monday in January, 1999.
The | ||||||
25 | initial members appointed by the chairmen of the county boards
| ||||||
26 | of Kane and McHenry counties shall serve until
the third Monday |
| |||||||
| |||||||
1 | in January, 2003. The initial members appointed by the chairman | ||||||
2 | of the county board
of Lake County shall serve until
the third | ||||||
3 | Monday in January, 2018. The initial members appointed by the | ||||||
4 | chairman of the county boards of Boone and DeKalb counties | ||||||
5 | shall serve until the third Monday in January, 2021.
All | ||||||
6 | successors shall be
appointed by the original appointing | ||||||
7 | authority and hold office for a term
of 3 years commencing the | ||||||
8 | third Monday in January of the year in which
their term | ||||||
9 | commences, except in case of an appointment to fill a vacancy.
| ||||||
10 | Vacancies occurring among the public members shall be filled | ||||||
11 | for the
remainder of the term. In case of vacancy in a | ||||||
12 | Governor-appointed
membership when the Senate is not in | ||||||
13 | session, the Governor may make a
temporary appointment until | ||||||
14 | the next meeting of the Senate when a person
shall be nominated | ||||||
15 | to fill such office, and any person so nominated who is
| ||||||
16 | confirmed by the Senate shall hold office during the remainder | ||||||
17 | of the term
and until a successor shall be appointed and | ||||||
18 | qualified. Members of the
Authority shall not be entitled to | ||||||
19 | compensation for their services as
members but shall be | ||||||
20 | entitled to reimbursement for all necessary expenses
incurred | ||||||
21 | in connection with the performance of their duties as members.
| ||||||
22 | (d) The Governor may remove any public member of the | ||||||
23 | Authority in case
of incompetency, neglect of duty, or | ||||||
24 | malfeasance in office.
| ||||||
25 | (e) The Board shall appoint an Executive Director who shall | ||||||
26 | have a
background in finance, including familiarity with the |
| |||||||
| |||||||
1 | legal and
procedural requirements of issuing bonds, real estate | ||||||
2 | or economic
development and administration. The Executive | ||||||
3 | Director shall hold office
at the discretion of the Board. The | ||||||
4 | Executive Director shall be the chief
administrative and | ||||||
5 | operational officer of the Authority, shall direct
and | ||||||
6 | supervise its administrative affairs and general management, | ||||||
7 | shall perform
such other duties as may be prescribed from time | ||||||
8 | to time by the members and
shall receive compensation fixed by | ||||||
9 | the Authority. The Executive Director
shall attend all meetings | ||||||
10 | of the Authority; however, no action of the
Authority shall be | ||||||
11 | invalid on account of the absence of the Executive
Director | ||||||
12 | from a meeting. The Authority may engage the services of such
| ||||||
13 | other agents and employees, including attorneys, appraisers, | ||||||
14 | engineers,
accountants, credit analysts and other consultants, | ||||||
15 | as it may deem
advisable and may prescribe their duties and fix | ||||||
16 | their compensation.
| ||||||
17 | (f) The Board may, by majority vote, nominate up to 4 | ||||||
18 | non-voting members
for appointment by the Governor. Non-voting | ||||||
19 | members shall be persons of
recognized ability and experience | ||||||
20 | in one or more of the following areas:
economic development, | ||||||
21 | finance, banking, industrial development, small
business | ||||||
22 | management, real estate development, community development,
| ||||||
23 | venture finance, organized labor or civic, community or | ||||||
24 | neighborhood
organization. Non-voting members shall serve at | ||||||
25 | the pleasure of the Board.
All non-voting members may attend | ||||||
26 | meetings of the Board and shall be
reimbursed as provided in |
| |||||||
| |||||||
1 | subsection (c).
| ||||||
2 | (g) The Board shall create a task force to study and make
| ||||||
3 | recommendations to the Board on the economic development of the | ||||||
4 | territory
within the jurisdiction of this Act. The members of | ||||||
5 | the task force shall
reside within the territorial jurisdiction | ||||||
6 | of this Act, shall serve at the
pleasure of the Board and shall | ||||||
7 | be persons of recognized ability and
experience in one or more | ||||||
8 | of the following areas: economic development,
finance, | ||||||
9 | banking, industrial development, small business management, | ||||||
10 | real
estate development, community development, venture | ||||||
11 | finance, organized labor
or civic, community or neighborhood | ||||||
12 | organization. The number of members
constituting the task force | ||||||
13 | shall be set by the Board and may vary from
time to time. The | ||||||
14 | Board may set a specific date by which the task force is
to | ||||||
15 | submit its final report and recommendations to the Board.
| ||||||
16 | (Source: P.A. 99-499, eff. 1-29-16.)
| ||||||
17 | (70 ILCS 530/5) (from Ch. 85, par. 7155)
| ||||||
18 | Sec. 5. Duty. All official acts of the Authority shall | ||||||
19 | require the
approval of at least 12 9 members. It shall be the | ||||||
20 | duty of the Authority to
promote development within the | ||||||
21 | geographic confines of Grundy, LaSalle,
Bureau, Putnam , | ||||||
22 | Kendall,
Kane, Lake, McHenry, Boone, DeKalb, and Marshall | ||||||
23 | counties. The Authority shall use the powers
herein conferred | ||||||
24 | upon it to assist in the development, construction and
| ||||||
25 | acquisition of industrial, commercial, housing or residential |
| |||||||
| |||||||
1 | projects
within those counties.
| ||||||
2 | (Source: P.A. 86-1024.)
| ||||||
3 | (70 ILCS 530/7) (from Ch. 85, par. 7157)
| ||||||
4 | Sec. 7. Bonds.
| ||||||
5 | (a) The Authority, with the written approval of the
| ||||||
6 | Governor, shall have the continuing power to issue bonds, | ||||||
7 | notes, or other
evidences of indebtedness in an aggregate | ||||||
8 | amount outstanding not to exceed $500,000,000
for the purpose | ||||||
9 | of developing, constructing, acquiring or improving
projects, | ||||||
10 | including those established by business entities locating or
| ||||||
11 | expanding property within the territorial jurisdiction of the | ||||||
12 | Authority,
for entering into venture capital agreements with | ||||||
13 | businesses locating or
expanding within the territorial | ||||||
14 | jurisdiction of the Authority, for
acquiring and improving any | ||||||
15 | property necessary and useful in connection
therewith , and for | ||||||
16 | the purposes of the Employee Ownership Assistance Act , and any | ||||||
17 | local government projects. With respect to any local government | ||||||
18 | project, the Authority is authorized to purchase from time to | ||||||
19 | time pursuant to negotiated sale or to otherwise acquire from | ||||||
20 | time to time any local government security upon terms and | ||||||
21 | conditions as the Authority may prescribe in connection with | ||||||
22 | the local government security .
For the purpose of evidencing | ||||||
23 | the obligations of the Authority to repay any
money borrowed, | ||||||
24 | the Authority may, pursuant to resolution, from time to
time | ||||||
25 | issue and dispose of its interest bearing revenue bonds, notes |
| |||||||
| |||||||
1 | or
other evidences of indebtedness and may also from time to | ||||||
2 | time issue and
dispose of such bonds, notes or other evidences | ||||||
3 | of indebtedness to refund,
at maturity, at a redemption date or | ||||||
4 | in advance of either, any bonds, notes
or other evidences of | ||||||
5 | indebtedness pursuant to redemption provisions or at
any time | ||||||
6 | before maturity. All such bonds, notes or other evidences of
| ||||||
7 | indebtedness shall be payable solely and only from the revenues | ||||||
8 | or income
to be derived from loans made with respect to | ||||||
9 | projects, from the leasing or
sale of the projects or from any | ||||||
10 | other funds available to the Authority for
such purposes. The | ||||||
11 | bonds, notes or other evidences of indebtedness may
bear such | ||||||
12 | date or dates, may mature at such time or times not exceeding | ||||||
13 | 40
years from their respective dates, may bear interest at such | ||||||
14 | rate or rates
not exceeding the maximum rate permitted by "An | ||||||
15 | Act to authorize public
corporations to issue bonds, other | ||||||
16 | evidences of indebtedness and tax
anticipation warrants | ||||||
17 | subject to interest rate limitations set forth
therein", | ||||||
18 | approved May 26, 1970, as amended, may be in such form, may | ||||||
19 | carry
such registration privileges, may be executed in such | ||||||
20 | manner, may be
payable at such place or places, may be made | ||||||
21 | subject to redemption in such
manner and upon such terms, with | ||||||
22 | or without premium as is stated on the
face thereof, may be | ||||||
23 | authenticated in such manner and may contain such
terms and | ||||||
24 | covenants as may be provided by an applicable resolution.
| ||||||
25 | (b-1) The holder or holders of any bonds, notes or other | ||||||
26 | evidences of
indebtedness issued by the Authority may bring |
| |||||||
| |||||||
1 | suits at law or proceedings
in equity to compel the performance | ||||||
2 | and observance by any corporation or
person or by the Authority | ||||||
3 | or any of its agents or employees of any
contract or covenant | ||||||
4 | made with the holders of such bonds, notes or other
evidences | ||||||
5 | of indebtedness, to compel such corporation, person, the
| ||||||
6 | Authority and any of its agents or employees to perform any | ||||||
7 | duties required
to be performed for the benefit of the holders | ||||||
8 | of any such bonds, notes or
other evidences of indebtedness by | ||||||
9 | the provision of the resolution
authorizing their issuance and | ||||||
10 | to enjoin such corporation, person, the
Authority and any of | ||||||
11 | its agents or employees from taking any action in
conflict with | ||||||
12 | any such contract or covenant.
| ||||||
13 | (b-2) If the Authority fails to pay the principal of or | ||||||
14 | interest on any
of the bonds or premium, if any, as the same | ||||||
15 | become due, a civil action to
compel payment may be instituted | ||||||
16 | in the appropriate circuit court by the
holder or holders of | ||||||
17 | the bonds on which such default of payment exists or
by an | ||||||
18 | indenture trustee acting on behalf of such holders. Delivery of | ||||||
19 | a
summons and a copy of the complaint to the Chairman of the | ||||||
20 | Board shall
constitute sufficient service to give the circuit | ||||||
21 | court jurisdiction of the
subject matter of such a suit and | ||||||
22 | jurisdiction over the Authority and its
officers named as | ||||||
23 | defendants for the purpose of compelling such payment.
Any | ||||||
24 | case, controversy or cause of action concerning the validity of | ||||||
25 | this Act
relates to the revenue of the State of Illinois.
| ||||||
26 | (c) Notwithstanding the form and tenor of any such bonds, |
| |||||||
| |||||||
1 | notes or other
evidences of indebtedness and in the absence of | ||||||
2 | any express recital on the
face thereof that it is | ||||||
3 | non-negotiable, all such bonds, notes and other
evidences of | ||||||
4 | indebtedness shall be negotiable instruments. Pending the
| ||||||
5 | preparation and execution of any such bonds, notes or other | ||||||
6 | evidences of
indebtedness, temporary bonds, notes or evidences | ||||||
7 | of indebtedness may be
issued as provided by ordinance.
| ||||||
8 | (d) To secure the payment of any or all of such bonds, | ||||||
9 | notes or other
evidences of indebtedness, the revenues to be | ||||||
10 | received by the Authority from
a lease agreement or loan | ||||||
11 | agreement shall be pledged, and, for the purpose
of setting | ||||||
12 | forth the covenants and undertakings of the Authority in
| ||||||
13 | connection with the issuance thereof and the issuance of any | ||||||
14 | additional
bonds, notes or other evidences of indebtedness | ||||||
15 | payable from such revenues,
income or other funds to be derived | ||||||
16 | from projects, the Authority may
execute and deliver a mortgage | ||||||
17 | or trust agreement. A remedy for any breach
or default of the | ||||||
18 | terms of any such mortgage or trust agreement by the
Authority | ||||||
19 | may be by mandamus proceedings in the appropriate circuit court
| ||||||
20 | to compel the performance and compliance therewith, but the | ||||||
21 | trust agreement
may prescribe by whom or on whose behalf such | ||||||
22 | action may be instituted.
| ||||||
23 | (e) Such bonds or notes shall be secured as provided in the | ||||||
24 | authorizing
ordinance which may, notwithstanding any other | ||||||
25 | provision of this Act,
include in addition to any other | ||||||
26 | security a specific pledge or assignment
of and lien on or |
| |||||||
| |||||||
1 | security interest in any or all revenues or money of the
| ||||||
2 | Authority from whatever source which may by law be used for | ||||||
3 | debt
service purposes and a specific pledge or assignment of | ||||||
4 | and lien on or
security interest in any funds or accounts | ||||||
5 | established or provided for by
ordinance of the Authority | ||||||
6 | authorizing the issuance of such bonds or notes.
| ||||||
7 | (f) (Blank).
| ||||||
8 | (g) The State of Illinois pledges to and agrees with the | ||||||
9 | holders of the
bonds and notes of the Authority issued pursuant | ||||||
10 | to this Section that the
State will not limit or alter the | ||||||
11 | rights and powers vested in the Authority
by this Act so as to | ||||||
12 | impair the terms of any contract made by the Authority
with | ||||||
13 | such holders or in any way impair the rights and remedies of | ||||||
14 | such
holders until such bonds and notes, together with interest | ||||||
15 | thereon, with
interest on any unpaid installments of interest, | ||||||
16 | and all costs and expenses
in connection with any action or | ||||||
17 | proceedings by or on behalf of such
holders, are fully met and | ||||||
18 | discharged. In addition, the State pledges to
and agrees with | ||||||
19 | the holders of the bonds and notes of the Authority issued
| ||||||
20 | pursuant to this Section that the State will not limit or alter | ||||||
21 | the basis
on which State funds are to be paid to the Authority | ||||||
22 | as provided in this
Act, or the use of such funds, so as to | ||||||
23 | impair the terms of any such
contract. The Authority is | ||||||
24 | authorized to include these pledges and
agreements of the State | ||||||
25 | in any contract with the holders of bonds or notes
issued | ||||||
26 | pursuant to this Section.
|
| |||||||
| |||||||
1 | (h) (Blank).
| ||||||
2 | (Source: P.A. 98-750, eff. 1-1-15; 99-499, eff. 1-29-16.)
| ||||||
3 | (70 ILCS 530/7.5 new) | ||||||
4 | Sec. 7.5. Local government securities. Any local | ||||||
5 | governmental unit which is authorized to issue, sell, and | ||||||
6 | deliver its local government securities under any provision of | ||||||
7 | the Illinois Constitution or laws of this State may issue, | ||||||
8 | sell, and deliver such local government securities to the | ||||||
9 | Authority as provided by this Act, provided that and | ||||||
10 | notwithstanding any other provision of law to the contrary, any | ||||||
11 | such local governmental unit may issue and sell any such local | ||||||
12 | government security at any interest rate, which rate or rates | ||||||
13 | may be established by an index or formula which may be | ||||||
14 | implemented by persons appointed or retained therefor, payable | ||||||
15 | at such time or times and at such price or prices to which the | ||||||
16 | local governmental unit and the Authority may agree. Any local | ||||||
17 | governmental unit may pay any amount charged by the Authority. | ||||||
18 | Any local governmental unit may pay out of the proceeds of its | ||||||
19 | local government securities or out of any other moneys or funds | ||||||
20 | available to it for such purposes any costs, fees, interest | ||||||
21 | deemed necessary, premiums or revenues incurred or required for | ||||||
22 | financing or refinancing this program, including, without | ||||||
23 | limitation, any fees charged by the Authority and its share, as | ||||||
24 | determined by the Authority, of any costs, fees, interest | ||||||
25 | deemed necessary, premiums or revenues incurred or required |
| |||||||
| |||||||
1 | pursuant to this Act. All local government securities purchased | ||||||
2 | by the Authority pursuant to this Act shall upon delivery to | ||||||
3 | the Authority be accompanied by an approving opinion of bond | ||||||
4 | counsel as to the validity of such securities. The Authority | ||||||
5 | shall have discretion to purchase or otherwise acquire those | ||||||
6 | local government securities as it shall deem to be in the best | ||||||
7 | interest of its financing program for all local governmental | ||||||
8 | units taken as a whole.
| ||||||
9 | (70 ILCS 530/8) (from Ch. 85, par. 7158)
| ||||||
10 | Sec. 8. Acquisition.
| ||||||
11 | (a) The Authority may, but need not, acquire
title to any | ||||||
12 | project with respect to which it exercises its authority.
| ||||||
13 | (b) The Authority shall have power to acquire by purchase, | ||||||
14 | lease, gift
or otherwise any property or rights therein from | ||||||
15 | any person or persons, the
State of Illinois, any municipal | ||||||
16 | corporation, any local unit of government,
the government of | ||||||
17 | the United States and any agency or instrumentality of
the | ||||||
18 | United States, any body politic or any county useful for its | ||||||
19 | purposes,
whether improved for the purposes of any prospective | ||||||
20 | project or unimproved.
The Authority may also accept any | ||||||
21 | donation of funds for its purposes from
any such source.
| ||||||
22 | (c) The Authority shall have power to develop, construct | ||||||
23 | and improve,
either under its own direction or through | ||||||
24 | collaboration with any approved
applicant, or to acquire | ||||||
25 | through purchase or otherwise any project, using
for such |
| |||||||
| |||||||
1 | purpose the proceeds derived from its sale of revenue bonds, | ||||||
2 | notes
or other evidences of indebtedness or governmental loans | ||||||
3 | or grants and to
hold title in the name of the Authority to | ||||||
4 | such projects.
| ||||||
5 | (d) The Authority shall have the power to enter into | ||||||
6 | intergovernmental
agreements with the State of Illinois, the | ||||||
7 | counties of Grundy, LaSalle,
Bureau, Putnam , Kendall,
Kane, | ||||||
8 | Lake, McHenry, Boone, DeKalb, or Marshall, the Illinois Finance | ||||||
9 | Authority, the
Illinois Housing Development Authority, the | ||||||
10 | Metropolitan Pier and Exposition Authority, the
United States | ||||||
11 | government and any agency or instrumentality of the United
| ||||||
12 | States, any unit of local government located within the | ||||||
13 | territory of the
Authority or any other unit of government to | ||||||
14 | the extent allowed by Article
VII, Section 10 of the Illinois | ||||||
15 | Constitution and the Intergovernmental
Cooperation Act.
| ||||||
16 | (e) The Authority shall have the power to share employees | ||||||
17 | with other
units of government, including agencies of the | ||||||
18 | United States, agencies of
the State of Illinois and agencies | ||||||
19 | or personnel of any unit of local
government.
| ||||||
20 | (f) The Authority shall have the power to exercise powers | ||||||
21 | and issue
bonds as if it were a municipality so authorized in | ||||||
22 | Divisions 12.1, 74,
74.1, 74.3 and 74.5 of Article 11 of the | ||||||
23 | Illinois Municipal Code.
| ||||||
24 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
25 | Section 45. The Western Illinois Economic Development |
| |||||||
| |||||||
1 | Authority Act is amended by changing Sections 15 and 40 and by | ||||||
2 | adding Section 43 as follows:
| ||||||
3 | (70 ILCS 532/15) | ||||||
4 | Sec. 15. Definitions. In this Act:
| ||||||
5 | "Authority" means the Western Illinois Economic | ||||||
6 | Development Authority.
| ||||||
7 | "Governmental agency" means any federal, State, or local | ||||||
8 | governmental body
and any agency or
instrumentality thereof, | ||||||
9 | corporate or otherwise.
| ||||||
10 | "Person" means any natural person, firm, partnership, | ||||||
11 | corporation, both
domestic and foreign,
company, association | ||||||
12 | or joint stock association and includes any trustee,
receiver, | ||||||
13 | assignee or personal
representative thereof.
| ||||||
14 | "Revenue bond" means any bond issued by the Authority, the | ||||||
15 | principal and
interest of which is payable
solely from revenues | ||||||
16 | or income derived from any project or activity of the
| ||||||
17 | Authority.
| ||||||
18 | "Board" means the Board of Directors of the Western | ||||||
19 | Illinois Economic
Development Authority.
| ||||||
20 | "Governor" means the Governor of the State of Illinois.
| ||||||
21 | "City" means any city, village, incorporated town, or | ||||||
22 | township within the
geographical territory of the
Authority.
| ||||||
23 | "Industrial project" means the following:
| ||||||
24 | (1) a capital project, including one or more buildings | ||||||
25 | and other
structures, improvements,
machinery and |
| |||||||
| |||||||
1 | equipment whether or not on the same site or sites now | ||||||
2 | existing
or hereafter acquired,
suitable for use by any | ||||||
3 | manufacturing, industrial, research, transportation or
| ||||||
4 | commercial enterprise
including but not limited to use as a | ||||||
5 | factory, mill, processing plant, assembly
plant, packaging | ||||||
6 | plant,
fabricating plant, ethanol plant, office building, | ||||||
7 | industrial distribution
center, warehouse,
repair, | ||||||
8 | overhaul or service
facility, freight terminal, research | ||||||
9 | facility, test facility, railroad
facility, port facility, | ||||||
10 | solid waste and wastewater
treatment and disposal sites and | ||||||
11 | other pollution control facilities, resource
or waste | ||||||
12 | reduction, recovery,
treatment and disposal facilities, | ||||||
13 | and including also the sites thereof and
other rights in | ||||||
14 | land therefore
whether improved or unimproved, site | ||||||
15 | preparation and landscaping and all
appurtenances and | ||||||
16 | facilities
incidental thereto such as utilities, access | ||||||
17 | roads, railroad sidings, truck
docking and similar | ||||||
18 | facilities,
parking facilities, dockage, wharfage, | ||||||
19 | railroad roadbed, track, trestle, depot,
terminal, | ||||||
20 | switching and
signaling equipment or related equipment and | ||||||
21 | other improvements necessary or
convenient thereto; or
| ||||||
22 | (2) any land, buildings, machinery or equipment | ||||||
23 | comprising an addition to or
renovation,
rehabilitation or | ||||||
24 | improvement of any existing capital project.
| ||||||
25 | "Housing project" or "residential project" includes a | ||||||
26 | specific work or improvement undertaken to provide dwelling |
| |||||||
| |||||||
1 | accommodations, including the acquisition, construction or | ||||||
2 | rehabilitation of lands, buildings and community facilities | ||||||
3 | and in connection therewith to provide nonhousing facilities | ||||||
4 | which are an integral part of a planned large-scale project or | ||||||
5 | new community. | ||||||
6 | "Commercial project" means any project, including, but not | ||||||
7 | limited to, one or
more buildings and other
structures, | ||||||
8 | improvements, machinery, and equipment, whether or not on the | ||||||
9 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
10 | for use by any retail or wholesale concern,
distributorship, or | ||||||
11 | agency.
| ||||||
12 | "Project" means an industrial, housing, residential, | ||||||
13 | commercial, or service
project, or any combination
thereof, | ||||||
14 | provided that all uses fall within one of the categories | ||||||
15 | described
above. Any project automatically
includes all site | ||||||
16 | improvements and new construction involving sidewalks,
sewers, | ||||||
17 | solid waste and
wastewater treatment and disposal sites and | ||||||
18 | other pollution control facilities,
resource or waste | ||||||
19 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
20 | open spaces, wildlife
sanctuaries, streets, highways, and
| ||||||
21 | runways.
| ||||||
22 | "Lease agreement" means an agreement in which a project | ||||||
23 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
24 | to any person or corporation that will use, or cause the
| ||||||
25 | project to be used, as a project,
upon terms providing for | ||||||
26 | lease rental payments at least sufficient to pay, when due, all |
| |||||||
| |||||||
1 | principal of and
interest and premium, if any, on any bonds, | ||||||
2 | notes, or other evidences of indebtedness of the Authority,
| ||||||
3 | issued with respect to the project, providing for the | ||||||
4 | maintenance, insurance, and operation of the project on
terms | ||||||
5 | satisfactory to the Authority and providing for disposition of | ||||||
6 | the project upon termination of the lease
term, including | ||||||
7 | purchase options or abandonment of the premises, with other | ||||||
8 | terms as may be deemed
desirable by the Authority.
| ||||||
9 | "Loan agreement" means any agreement in which the Authority | ||||||
10 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
11 | evidences of indebtedness, issued with respect to a project, to
| ||||||
12 | any person or corporation
which will use or cause the project | ||||||
13 | to be used as a project, upon terms
providing for loan | ||||||
14 | repayment
installments at least sufficient to pay, when due, | ||||||
15 | all principal of and
interest and premium, if any, on any
| ||||||
16 | bonds, notes, or other evidences of indebtedness of the | ||||||
17 | Authority issued with
respect to the project,
providing for | ||||||
18 | maintenance, insurance, and operation of the project on terms
| ||||||
19 | satisfactory to the Authority
and providing for other terms | ||||||
20 | deemed advisable by the Authority.
| ||||||
21 | "Financial aid" means the expenditure of Authority funds or | ||||||
22 | funds provided by
the Authority for the
development, | ||||||
23 | construction, acquisition or improvement of a project, through | ||||||
24 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
25 | indebtedness.
| ||||||
26 | "Costs incurred in connection with
the development, |
| |||||||
| |||||||
1 | construction, acquisition or improvement of a
project" means | ||||||
2 | the following:
| ||||||
3 | (1) the cost of purchase and construction of all lands | ||||||
4 | and improvements in
connection therewith and
equipment and | ||||||
5 | other property, rights, easements, and franchises acquired | ||||||
6 | which
are deemed necessary for
the construction;
| ||||||
7 | (2) financing charges;
| ||||||
8 | (3) interest costs with respect to bonds, notes, and | ||||||
9 | other evidences of
indebtedness of the Authority
prior to | ||||||
10 | and during construction and for a period of 6 months | ||||||
11 | thereafter;
| ||||||
12 | (4) engineering and legal expenses; and
| ||||||
13 | (5) the costs of plans, specifications, surveys, and | ||||||
14 | estimates of costs and
other expenses necessary or
incident | ||||||
15 | to determining the feasibility or practicability of any | ||||||
16 | project,
together with such other expenses as
may be | ||||||
17 | necessary or incident to the financing, insuring, | ||||||
18 | acquisition, and
construction of a specific project
and the | ||||||
19 | placing of the same in operation.
| ||||||
20 | "Local government project" means a project or other | ||||||
21 | undertaking that is authorized or required by law to be | ||||||
22 | acquired, constructed, reconstructed, equipped, improved, | ||||||
23 | rehabilitated, replaced, maintained, or otherwise undertaken | ||||||
24 | in any manner by a local governmental unit. | ||||||
25 | "Local government security" means a bond, note, or other | ||||||
26 | evidence of indebtedness that a local governmental unit is |
| |||||||
| |||||||
1 | legally authorized to issue for the purpose of financing a | ||||||
2 | public purpose project or to issue for any other lawful public | ||||||
3 | purpose under any provision of the Illinois Constitution or | ||||||
4 | laws of this State, whether the obligation is payable from | ||||||
5 | taxes or revenues, rates, charges, assessments, | ||||||
6 | appropriations, grants, or any other lawful source or | ||||||
7 | combination thereof, and specifically includes, without | ||||||
8 | limitation, obligations under any lease or lease purchase | ||||||
9 | agreement lawfully entered into by the local governmental unit | ||||||
10 | for the acquisition or use of facilities or equipment. | ||||||
11 | "Local governmental unit" means a unit of local government, | ||||||
12 | as defined in Section 1 of Article VII of the Illinois | ||||||
13 | Constitution, and any local public entity as that term is | ||||||
14 | defined in the Local Governmental and Governmental Employees | ||||||
15 | Tort Immunity Act and such unit of local government or local | ||||||
16 | public entity is located within the geographical territory of | ||||||
17 | the Authority. | ||||||
18 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
19 | (70 ILCS 532/40) | ||||||
20 | Sec. 40. Bonds.
| ||||||
21 | (a) The Authority, with the written approval of the | ||||||
22 | Governor, shall have the
continuing power to issue
bonds, | ||||||
23 | notes, or other evidences of indebtedness in an aggregate | ||||||
24 | amount outstanding not to
exceed $250,000,000 for the
following | ||||||
25 | purposes: (i) development, construction, acquisition, or |
| |||||||
| |||||||
1 | improvement
of projects, including those
established by | ||||||
2 | business entities locating or expanding property within the
| ||||||
3 | territorial jurisdiction of the
Authority; (ii) entering into | ||||||
4 | venture capital agreements with businesses
locating or | ||||||
5 | expanding within the
territorial jurisdiction of the | ||||||
6 | Authority; (iii) acquisition and improvement of
any property | ||||||
7 | necessary and
useful in connection therewith; and (iv) for the | ||||||
8 | purposes of the Employee
Ownership Assistance Act ; and (v) any | ||||||
9 | local government projects. With respect to any local government | ||||||
10 | project, the Authority is authorized to purchase from time to | ||||||
11 | time pursuant to negotiated sale or to otherwise acquire from | ||||||
12 | time to time any local government security upon terms and | ||||||
13 | conditions as the Authority may prescribe in connection with | ||||||
14 | the local government security . For
the purpose of evidencing | ||||||
15 | the obligations of the Authority to repay any money
borrowed, | ||||||
16 | the Authority
may, pursuant to resolution, from time to time, | ||||||
17 | issue and dispose of its interest-bearing revenue bonds,
notes, | ||||||
18 | or other evidences of indebtedness and may also from time to | ||||||
19 | time issue and dispose of such bonds,
notes, or other evidences | ||||||
20 | of indebtedness to refund, at maturity, at a redemption date or | ||||||
21 | in advance of
either, any bonds, notes, or other evidences of | ||||||
22 | indebtedness pursuant to redemption provisions or at any
time | ||||||
23 | before maturity. All such bonds, notes, or other evidences of | ||||||
24 | indebtedness shall be payable solely and
only from the revenues | ||||||
25 | or income to be derived from loans made with respect to | ||||||
26 | projects, from the leasing
or sale of the projects, or from any |
| |||||||
| |||||||
1 | other funds available to the Authority for such purposes. The | ||||||
2 | bonds,
notes, or other evidences of indebtedness may bear such | ||||||
3 | date or dates, may mature at such time or times not
exceeding | ||||||
4 | 40 years from their respective dates, may bear interest at such | ||||||
5 | rate or rates not exceeding the
maximum rate permitted by the | ||||||
6 | Bond Authorization Act, may be in such form, may carry such | ||||||
7 | registration
privileges, may be executed in such manner, may be | ||||||
8 | payable at such place or places, may be made subject
to | ||||||
9 | redemption in such manner and upon such terms, with or without | ||||||
10 | premium, as is stated on the face
thereof, may be authenticated | ||||||
11 | in such manner and may contain such terms and
covenants as may | ||||||
12 | be
provided by an applicable resolution.
| ||||||
13 | (b) The holder or holders of any bonds, notes, or other | ||||||
14 | evidences of
indebtedness issued by the
Authority may bring | ||||||
15 | suits at law or proceedings in equity to compel the
performance | ||||||
16 | and observance by
any corporation or person or by the Authority | ||||||
17 | or any of its agents or employees
of any contract or covenant
| ||||||
18 | made with the holders of the bonds, notes, or other evidences | ||||||
19 | of indebtedness,
to compel such corporation,
person, the | ||||||
20 | Authority, and any of its agents or employees to perform any | ||||||
21 | duties
required to be performed
for the benefit of the holders | ||||||
22 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
23 | provision of the
resolution authorizing their issuance and to | ||||||
24 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
25 | agents or employees from taking any action in conflict with any | ||||||
26 | contract or
covenant.
|
| |||||||
| |||||||
1 | (c) If the Authority fails to pay the principal of or | ||||||
2 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
3 | becomes due, a civil action to compel payment may be instituted | ||||||
4 | in the
appropriate circuit court by
the holder or holders of | ||||||
5 | the bonds on which the default of payment exists or by
an | ||||||
6 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
7 | a summons and a copy of the complaint to
the chairman of the | ||||||
8 | Board
shall constitute sufficient service to give the circuit | ||||||
9 | court jurisdiction over
the subject matter of the suit and
| ||||||
10 | jurisdiction over the Authority and its officers named as | ||||||
11 | defendants for the
purpose of compelling such
payment. Any | ||||||
12 | case, controversy, or cause of action concerning the validity | ||||||
13 | of
this Act relates to the
revenue of the State of Illinois.
| ||||||
14 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
15 | or other evidence
of indebtedness and in
the absence of any | ||||||
16 | express recital on its face that it is non-negotiable, all
such | ||||||
17 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
18 | negotiable instruments. Pending the
preparation and execution | ||||||
19 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
20 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
21 | issued as provided by ordinance.
| ||||||
22 | (e) To secure the payment of any or all of such bonds, | ||||||
23 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
24 | received by the Authority from a lease agreement or loan
| ||||||
25 | agreement shall be pledged, and,
for the purpose of setting | ||||||
26 | forth the covenants and undertakings of the
Authority in |
| |||||||
| |||||||
1 | connection with the
issuance of the bonds, notes, or other | ||||||
2 | evidences of indebtedness and the
issuance of any additional | ||||||
3 | bonds,
notes or other evidences of indebtedness payable from | ||||||
4 | such revenues, income, or other funds to be derived
from | ||||||
5 | projects, the Authority may execute and deliver a mortgage or | ||||||
6 | trust agreement. A remedy for any
breach or default of the | ||||||
7 | terms of any mortgage or trust agreement by the Authority may | ||||||
8 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
9 | compel performance and compliance under the terms of the
| ||||||
10 | mortgage or trust agreement, but the trust agreement may | ||||||
11 | prescribe by whom or on whose behalf the action
may be | ||||||
12 | instituted.
| ||||||
13 | (f) Bonds or notes shall be secured as provided in the | ||||||
14 | authorizing ordinance which may include,
notwithstanding any | ||||||
15 | other provision of this Act, in addition to any other security, | ||||||
16 | a specific pledge,
assignment of and lien on, or security | ||||||
17 | interest in any or all revenues or money of the Authority, from
| ||||||
18 | whatever source, which may, by law, be used for debt service | ||||||
19 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
20 | or security interest in any funds or accounts established or
| ||||||
21 | provided for by ordinance of the
Authority authorizing the | ||||||
22 | issuance of the bonds or notes.
| ||||||
23 | (g) In the event that the Authority determines that moneys | ||||||
24 | of the Authority
will not be sufficient for the
payment of the | ||||||
25 | principal of and interest on its bonds during the next State
| ||||||
26 | fiscal year, the chairman, as soon
as practicable, shall |
| |||||||
| |||||||
1 | certify to the Governor the amount required by the
Authority to | ||||||
2 | enable it to pay the
principal of and interest on the bonds. | ||||||
3 | The Governor shall submit the certified
amount to the General
| ||||||
4 | Assembly as soon as practicable, but no later than the end of | ||||||
5 | the current State
fiscal year. This Section shall
not apply to | ||||||
6 | any bonds or notes to which the Authority determines, in the
| ||||||
7 | resolution authorizing the
issuance of the bonds or notes, that | ||||||
8 | this Section shall not apply. Whenever the
Authority makes this
| ||||||
9 | determination, it shall be plainly stated on the face of the | ||||||
10 | bonds or notes and
the determination shall also be
reported to | ||||||
11 | the Governor.
In the event of a withdrawal of moneys from a | ||||||
12 | reserve fund established with
respect to any issue or
issues of | ||||||
13 | bonds of the Authority to pay principal or interest on those | ||||||
14 | bonds,
the chairman of the Authority,
as soon as practicable, | ||||||
15 | shall certify to the Governor the amount required to
restore | ||||||
16 | the reserve fund to the
level required in the resolution or | ||||||
17 | indenture securing those bonds. The
Governor shall submit the | ||||||
18 | certified
amount to the General Assembly as soon as | ||||||
19 | practicable, but no later than the
end of the current State | ||||||
20 | fiscal
year. This subsection (g) shall not apply to any bond | ||||||
21 | issued on or after the effective date of this amendatory Act of | ||||||
22 | the 98th General Assembly.
| ||||||
23 | (h) The State of Illinois pledges to and agrees with the | ||||||
24 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
25 | to this Section that the State will not limit or alter the | ||||||
26 | rights and powers vested in the
Authority by this Act so as to |
| |||||||
| |||||||
1 | impair the terms of any contract made by the Authority with the | ||||||
2 | holders of
bonds or notes or in any way impair the rights and | ||||||
3 | remedies of those holders until the bonds and notes,
together | ||||||
4 | with interest thereon, with interest on any unpaid installments | ||||||
5 | of interest, and all costs and
expenses in connection with any | ||||||
6 | action or proceedings by or on behalf of the holders, are fully | ||||||
7 | met and
discharged. In addition, the State pledges to and | ||||||
8 | agrees with the holders of the bonds and notes of the
Authority | ||||||
9 | issued pursuant to this Section that the State will not limit | ||||||
10 | or alter the basis on which State funds
are to be paid to the | ||||||
11 | Authority as provided in this Act, or the use of such funds, so | ||||||
12 | as to impair the terms of
any such contract. The Authority is | ||||||
13 | authorized to include these pledges and agreements of the State | ||||||
14 | in any
contract with the holders of bonds or notes issued | ||||||
15 | pursuant to this Section.
| ||||||
16 | (i) (Blank).
| ||||||
17 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
18 | (70 ILCS 532/43 new) | ||||||
19 | Sec. 43. Local government securities. Any local | ||||||
20 | governmental unit which is authorized to issue, sell, and | ||||||
21 | deliver its local government securities under any provision of | ||||||
22 | the Illinois Constitution or laws of this State may issue, | ||||||
23 | sell, and deliver such local government securities to the | ||||||
24 | Authority as provided by this Act, provided that and | ||||||
25 | notwithstanding any other provision of law to the contrary, any |
| |||||||
| |||||||
1 | such local governmental unit may issue and sell any such local | ||||||
2 | government security at any interest rate, which rate or rates | ||||||
3 | may be established by an index or formula which may be | ||||||
4 | implemented by persons appointed or retained therefor, payable | ||||||
5 | at such time or times and at such price or prices to which the | ||||||
6 | local governmental unit and the Authority may agree. Any local | ||||||
7 | governmental unit may pay any amount charged by the Authority. | ||||||
8 | Any local governmental unit may pay out of the proceeds of its | ||||||
9 | local government securities or out of any other moneys or funds | ||||||
10 | available to it for such purposes any costs, fees, interest | ||||||
11 | deemed necessary, premiums or revenues incurred or required for | ||||||
12 | financing or refinancing this program, including, without | ||||||
13 | limitation, any fees charged by the Authority and its share, as | ||||||
14 | determined by the Authority, of any costs, fees, interest | ||||||
15 | deemed necessary, premiums or revenues incurred or required | ||||||
16 | pursuant to this Act. All local government securities purchased | ||||||
17 | by the Authority pursuant to this Act shall upon delivery to | ||||||
18 | the Authority be accompanied by an approving opinion of bond | ||||||
19 | counsel as to the validity of such securities. The Authority | ||||||
20 | shall have discretion to purchase or otherwise acquire those | ||||||
21 | local government securities as it shall deem to be in the best | ||||||
22 | interest of its financing program for all local governmental | ||||||
23 | units taken as a whole.
| ||||||
24 | Section 50. The Will-Kankakee Regional Development | ||||||
25 | Authority Law is amended by changing Sections 3 and 7 and by |
| |||||||
| |||||||
1 | adding Section 7.5 as follows:
| ||||||
2 | (70 ILCS 535/3) (from Ch. 85, par. 7453)
| ||||||
3 | Sec. 3. Definitions. The following terms, whenever used or | ||||||
4 | referred to
in this Act, shall have the following meanings, | ||||||
5 | except in such instances
where the context may clearly indicate | ||||||
6 | otherwise:
| ||||||
7 | (a) "Authority" means the Will-Kankakee Regional | ||||||
8 | Development Authority
created by this Act.
| ||||||
9 | (b) "Governmental agency" means any federal, State or local | ||||||
10 | governmental
body, and any agency or instrumentality thereof, | ||||||
11 | corporate or otherwise.
| ||||||
12 | (c) "Person" means any natural person, firm, partnership, | ||||||
13 | corporation,
both domestic and foreign, company, association | ||||||
14 | or joint stock association
and includes any trustee, receiver, | ||||||
15 | assignee or personal representative
thereof.
| ||||||
16 | (d) "Revenue bond" means any bond issued by the Authority | ||||||
17 | the principal
and interest of which is payable solely from | ||||||
18 | revenues or income
derived from any project or activity of the | ||||||
19 | Authority.
| ||||||
20 | (e) "Board" means the Will-Kankakee Regional Development | ||||||
21 | Authority
Board of Directors.
| ||||||
22 | (f) "Governor" means the Governor of the State of Illinois.
| ||||||
23 | (g) "City" means any city, village, incorporated town or | ||||||
24 | township
within the geographical territory of the Authority.
| ||||||
25 | (h) "Industrial project" means (1) a capital project, |
| |||||||
| |||||||
1 | including one or
more buildings and other structures, | ||||||
2 | improvements, machinery and equipment
whether or not on the | ||||||
3 | same site or sites now existing or hereafter
acquired, suitable | ||||||
4 | for use by any manufacturing, industrial, research,
| ||||||
5 | transportation or commercial enterprise including but not | ||||||
6 | limited to use
as a factory, mill, processing plant, assembly | ||||||
7 | plant, packaging plant,
fabricating plant, office building, | ||||||
8 | industrial distribution center,
warehouse, repair, overhaul or | ||||||
9 | service facility, freight terminal, research
facility, test | ||||||
10 | facility, railroad facility, solid waste and wastewater
| ||||||
11 | treatment and disposal sites and other pollution control | ||||||
12 | facilities,
resource or waste reduction, recovery, treatment | ||||||
13 | and disposal facilities,
and including also the sites thereof | ||||||
14 | and other rights in land therefor
whether improved or | ||||||
15 | unimproved, site preparation and landscaping and all
| ||||||
16 | appurtenances and facilities incidental thereto such as | ||||||
17 | utilities, access
roads, railroad sidings, truck docking and | ||||||
18 | similar facilities, parking
facilities, dockage, wharfage, | ||||||
19 | railroad roadbed, track, trestle, depot,
terminal, switching | ||||||
20 | and signaling equipment or related equipment and other
| ||||||
21 | improvements necessary or convenient thereto; or (2) any land, | ||||||
22 | buildings,
machinery or equipment comprising an addition to or | ||||||
23 | renovation,
rehabilitation or improvement of any existing | ||||||
24 | capital project.
| ||||||
25 | (h-5) "Housing project" or "residential project" includes | ||||||
26 | a specific work or improvement undertaken to provide dwelling |
| |||||||
| |||||||
1 | accommodations, including the acquisition, construction or | ||||||
2 | rehabilitation of lands, buildings and community facilities | ||||||
3 | and in connection therewith to provide nonhousing facilities | ||||||
4 | which are an integral part of a planned large-scale project or | ||||||
5 | new community. | ||||||
6 | (i) "Commercial project" means any project, including but | ||||||
7 | not limited to
one or more buildings and other structures, | ||||||
8 | improvements, machinery and
equipment whether or not on the | ||||||
9 | same site or sites now existing or
hereafter acquired, suitable | ||||||
10 | for use by any retail or wholesale concern,
distributorship or | ||||||
11 | agency, any cultural facilities of a for-profit or
| ||||||
12 | not-for-profit type including but not limited to educational, | ||||||
13 | theatrical,
recreational and entertainment, sports facilities, | ||||||
14 | racetracks, stadiums,
convention centers, exhibition halls, | ||||||
15 | arenas, opera houses and theaters,
waterfront improvements, | ||||||
16 | swimming pools, boat storage, moorage, docking
facilities, | ||||||
17 | restaurants, velodromes, coliseums, sports training | ||||||
18 | facilities,
parking facilities, terminals, hotels and motels, | ||||||
19 | gymnasiums, medical
facilities and port facilities.
| ||||||
20 | (j) "Project" means an industrial, commercial or
service | ||||||
21 | project or any combination thereof provided that all uses shall
| ||||||
22 | fall within one of the categories described above. Any project, | ||||||
23 | of any
nature whatsoever, shall automatically include all site | ||||||
24 | improvements and
new construction involving sidewalks, sewers, | ||||||
25 | solid waste and wastewater
treatment and disposal sites and | ||||||
26 | other pollution control facilities,
resource or waste |
| |||||||
| |||||||
1 | reduction, recovery, treatment and disposal facilities,
parks, | ||||||
2 | open spaces, wildlife sanctuaries, streets, highways and | ||||||
3 | runways.
| ||||||
4 | (k) "Lease agreement" shall mean an agreement whereby a | ||||||
5 | project acquired
by the Authority by purchase, gift or lease is | ||||||
6 | leased to any person or
corporation which will use or cause the | ||||||
7 | project to be used as a project as
heretofore defined upon | ||||||
8 | terms providing for lease rental payments at least
sufficient | ||||||
9 | to pay when due all principal of and interest and premium, if | ||||||
10 | any,
on any bonds, notes or other evidences of indebtedness of | ||||||
11 | the Authority
issued with respect to such project, providing | ||||||
12 | for the maintenance,
insurance and operation of the project on | ||||||
13 | terms satisfactory to the
Authority and providing for | ||||||
14 | disposition of the project upon termination of
the lease term, | ||||||
15 | including purchase options or abandonment of the premises,
with | ||||||
16 | such other terms as may be deemed desirable by the Authority.
| ||||||
17 | (l) "Loan agreement" means any agreement pursuant to which | ||||||
18 | the Authority
agrees to loan the proceeds of its bonds, notes | ||||||
19 | or other evidences of
indebtedness issued with respect to a | ||||||
20 | project to any person or corporation
which will use or cause | ||||||
21 | the project to be used as a project as heretofore
defined upon | ||||||
22 | terms providing for loan repayment installments at least
| ||||||
23 | sufficient to pay when due all principal of and interest and | ||||||
24 | premium, if any,
on any bonds, notes or other evidences of | ||||||
25 | indebtedness of the Authority
issued with respect to the | ||||||
26 | project, providing for maintenance,
insurance and operation of |
| |||||||
| |||||||
1 | the project on terms satisfactory to the
Authority and | ||||||
2 | providing for other matters as may be deemed advisable by
the | ||||||
3 | Authority.
| ||||||
4 | (m) "Financial aid" means the expenditure of Authority | ||||||
5 | funds or funds
provided by the Authority through the issuance | ||||||
6 | of its revenue bonds, notes
or other evidences of indebtedness | ||||||
7 | for the development, construction,
acquisition or improvement | ||||||
8 | of a project.
| ||||||
9 | (n) "Costs incurred in connection with the development, | ||||||
10 | construction,
acquisition or improvement of a project" means | ||||||
11 | the following: the cost of
purchase and construction of all | ||||||
12 | lands and improvements in connection
therewith and equipment | ||||||
13 | and other property, rights, easements and franchises
acquired | ||||||
14 | which are deemed necessary for such construction; financing
| ||||||
15 | charges; interest costs with respect to bonds, notes and other | ||||||
16 | evidences of
indebtedness of the Authority prior to and during | ||||||
17 | construction and for a
period of 6 months thereafter; | ||||||
18 | engineering and legal expenses; the costs of
plans, | ||||||
19 | specifications, surveys and estimates of costs and other | ||||||
20 | expenses
necessary or incident to determining the feasibility | ||||||
21 | or practicability of
any project, together with such other | ||||||
22 | expenses as may be necessary or
incident to the financing, | ||||||
23 | insuring, acquisition and construction of a
specific project | ||||||
24 | and the placing of the same in operation.
| ||||||
25 | (o) "Terminal" means a public place, station or depot for | ||||||
26 | receiving and
delivering passengers, baggage, mail, freight or |
| |||||||
| |||||||
1 | express matter and any
combination thereof in connection with | ||||||
2 | the transportation of
persons and property on water or land or | ||||||
3 | in the air.
| ||||||
4 | (p) "Terminal facilities" means all land, buildings, | ||||||
5 | structures,
improvements, equipment and appliances useful in | ||||||
6 | the operation of public
warehouse, storage and transportation | ||||||
7 | facilities and industrial,
manufacturing or commercial | ||||||
8 | activities for the accommodation of or in
connection with | ||||||
9 | commerce by water or land or in the air or useful as an
aid, or | ||||||
10 | constituting an advantage or convenience to, the safe landing,
| ||||||
11 | taking off and navigation of aircraft or the safe and efficient | ||||||
12 | operation
or maintenance of a public airport.
| ||||||
13 | (q) "Port facilities" means all public structures, except | ||||||
14 | terminal
facilities as defined herein, that are in, over, under | ||||||
15 | or adjacent to
navigable waters and are necessary for or | ||||||
16 | incident to the furtherance of
water commerce and includes the | ||||||
17 | widening and deepening of slips, harbors
and navigable waters.
| ||||||
18 | (r) "Airport" means any locality, either land or water, | ||||||
19 | which is used or
designed for the landing and taking off of | ||||||
20 | aircraft or for the location of
runways, landing fields, | ||||||
21 | aerodromes, hangars, buildings, structures,
airport roadways | ||||||
22 | and other facilities.
| ||||||
23 | (s) "Local government project" means a project or other | ||||||
24 | undertaking that is authorized or required by law to be | ||||||
25 | acquired, constructed, reconstructed, equipped, improved, | ||||||
26 | rehabilitated, replaced, maintained, or otherwise undertaken |
| |||||||
| |||||||
1 | in any manner by a local governmental unit. | ||||||
2 | (t) "Local government security" means a bond, note, or | ||||||
3 | other evidence of indebtedness that a local governmental unit | ||||||
4 | is legally authorized to issue for the purpose of financing a | ||||||
5 | public purpose project or to issue for any other lawful public | ||||||
6 | purpose under any provision of the Illinois Constitution or | ||||||
7 | laws of this State, whether the obligation is payable from | ||||||
8 | taxes or revenues, rates, charges, assessments, | ||||||
9 | appropriations, grants, or any other lawful source or | ||||||
10 | combination thereof, and specifically includes, without | ||||||
11 | limitation, obligations under any lease or lease purchase | ||||||
12 | agreement lawfully entered into by the local governmental unit | ||||||
13 | for the acquisition or use of facilities or equipment. | ||||||
14 | (u) "Local governmental unit" means a unit of local | ||||||
15 | government, as defined in Section 1 of Article VII of the | ||||||
16 | Illinois Constitution, and any local public entity as that term | ||||||
17 | is defined in the Local Governmental and Governmental Employees | ||||||
18 | Tort Immunity Act and such unit of local government or local | ||||||
19 | public entity is located within the geographical territory of | ||||||
20 | the Authority. | ||||||
21 | (Source: P.A. 98-750, eff. 1-1-15 .)
| ||||||
22 | (70 ILCS 535/7) (from Ch. 85, par. 7457)
| ||||||
23 | Sec. 7. Bonds.
| ||||||
24 | (a) The Authority, with the written approval of the | ||||||
25 | Governor,
shall have the continuing power to issue bonds, |
| |||||||
| |||||||
1 | notes, or other evidences
of indebtedness in an aggregate | ||||||
2 | amount outstanding not to exceed $250,000,000 for the
purpose | ||||||
3 | of developing, constructing, acquiring or improving projects,
| ||||||
4 | including those established by business entities locating or | ||||||
5 | expanding
property within the territorial jurisdiction of the | ||||||
6 | Authority, for entering
into venture capital agreements with | ||||||
7 | businesses locating or expanding
within the territorial | ||||||
8 | jurisdiction of the Authority, for acquiring and
improving any | ||||||
9 | property necessary and useful in connection therewith , and for
| ||||||
10 | the purposes of the Employee Ownership Assistance Act , and any | ||||||
11 | local government projects. With respect to any local government | ||||||
12 | project, the Authority is authorized to purchase from time to | ||||||
13 | time pursuant to negotiated sale or to otherwise acquire from | ||||||
14 | time to time any local government security upon terms and | ||||||
15 | conditions as the Authority may prescribe in connection with | ||||||
16 | the local government security . For the purpose of
evidencing | ||||||
17 | the obligations of the Authority to repay any money borrowed,
| ||||||
18 | the Authority may, pursuant to resolution, from time to time | ||||||
19 | issue and
dispose of its interest bearing revenue bonds, notes | ||||||
20 | or other evidences of
indebtedness and may also from time to | ||||||
21 | time issue and dispose of such
bonds, notes or other evidences | ||||||
22 | of indebtedness to refund, at maturity, at
a redemption date or | ||||||
23 | in advance of either, any bonds, notes or other
evidences of | ||||||
24 | indebtedness pursuant to redemption provisions or at any time
| ||||||
25 | before maturity. All such bonds, notes or other evidences of | ||||||
26 | indebtedness
shall be payable from the revenues or income to be |
| |||||||
| |||||||
1 | derived from loans made
with respect to projects, from the | ||||||
2 | leasing or sale of the projects or from
any other funds | ||||||
3 | available to the Authority for such purposes. The bonds,
notes | ||||||
4 | or other evidences of indebtedness may bear such date or dates, | ||||||
5 | may
mature at such time or times not exceeding 40 years from | ||||||
6 | their respective
dates, may bear interest at such rate or rates | ||||||
7 | not exceeding the maximum
rate permitted by the Bond | ||||||
8 | Authorization Act, may be in such form, may
carry such | ||||||
9 | registration privileges, may be executed in such manner, may be
| ||||||
10 | payable at such place or places, may be made subject to | ||||||
11 | redemption in such
manner and upon such terms, with or without | ||||||
12 | premium as is stated on the
face thereof, may be authenticated | ||||||
13 | in such manner and may contain such
terms and covenants as may | ||||||
14 | be provided by an applicable resolution.
| ||||||
15 | (b-1) The holder or holders of any bonds, notes or other | ||||||
16 | evidences of
indebtedness issued by the Authority may bring | ||||||
17 | suits at law or proceedings
in equity to compel the performance | ||||||
18 | and observance by any corporation or
person or by the Authority | ||||||
19 | or any of its agents or employees of any
contract or covenant | ||||||
20 | made with the holders of such bonds, notes or other
evidences | ||||||
21 | of indebtedness, to compel such corporation, person, the
| ||||||
22 | Authority and any of its agents or employees to perform any | ||||||
23 | duties required
to be performed for the benefit of the holders | ||||||
24 | of any such bonds, notes or
other evidences of indebtedness by | ||||||
25 | the provision of the resolution
authorizing their issuance and | ||||||
26 | to enjoin such corporation, person, the
Authority and any of |
| |||||||
| |||||||
1 | its agents or employees from taking any action in
conflict with | ||||||
2 | any such contract or covenant.
| ||||||
3 | (b-2) If the Authority fails to pay the principal of or | ||||||
4 | interest on any
of the bonds or premium, if any, as the same | ||||||
5 | become due, a civil action to
compel payment may be instituted | ||||||
6 | in the appropriate circuit court by the
holder or holders of | ||||||
7 | the bonds on which such default of payment exists or
by an | ||||||
8 | indenture trustee acting on behalf of such holders. Delivery of | ||||||
9 | a
summons and a copy of the complaint to the Chairman of the | ||||||
10 | Board shall
constitute sufficient service to give the circuit | ||||||
11 | court jurisdiction of the
subject matter of such a suit and | ||||||
12 | jurisdiction over the Authority and its
officers named as | ||||||
13 | defendants for the purpose of compelling such payment.
Any | ||||||
14 | case, controversy or cause of action concerning the validity of | ||||||
15 | this Act
relates to the revenue of the State of Illinois.
| ||||||
16 | (c) Notwithstanding the form and tenor of any such bonds, | ||||||
17 | notes or other
evidences of indebtedness and in the absence of | ||||||
18 | any express recital on the
face thereof that it is | ||||||
19 | non-negotiable, all such bonds, notes and other
evidences of | ||||||
20 | indebtedness shall be negotiable instruments. Pending the
| ||||||
21 | preparation and execution of any such bonds, notes or other | ||||||
22 | evidences of
indebtedness, temporary bonds, notes or evidences | ||||||
23 | of indebtedness may be
issued as provided by ordinance.
| ||||||
24 | (d) To secure the payment of any or all of such bonds, | ||||||
25 | notes or other
evidences of indebtedness, the revenues to be | ||||||
26 | received by the Authority from
a lease agreement or loan |
| |||||||
| |||||||
1 | agreement shall be pledged, and, for the purpose
of setting | ||||||
2 | forth the covenants and undertakings of the Authority in
| ||||||
3 | connection with the issuance thereof and the issuance of any | ||||||
4 | additional
bonds, notes or other evidences of indebtedness | ||||||
5 | payable from such revenues,
income or other funds to be derived | ||||||
6 | from projects, the Authority may
execute and deliver a mortgage | ||||||
7 | or trust agreement. A remedy for any breach
or default of the | ||||||
8 | terms of any such mortgage or trust agreement by the
Authority | ||||||
9 | may be by mandamus proceedings in the appropriate circuit court
| ||||||
10 | to compel the performance and compliance therewith, but the | ||||||
11 | trust agreement
may prescribe by whom or on whose behalf such | ||||||
12 | action may be instituted.
| ||||||
13 | (e) Such bonds or notes shall be secured as provided in the | ||||||
14 | authorizing
ordinance which may, notwithstanding any other | ||||||
15 | provision of this Act,
include in addition to any other | ||||||
16 | security a specific pledge or assignment
of and lien on or | ||||||
17 | security interest in any or all revenues or money of the
| ||||||
18 | Authority from whatever source which may by law be used for | ||||||
19 | debt
service purposes and a specific pledge or assignment of | ||||||
20 | and lien on or
security interest in any funds or accounts | ||||||
21 | established or provided for by
ordinance of the Authority | ||||||
22 | authorizing the issuance of such bonds or notes.
| ||||||
23 | (f) In the event that the Authority determines that monies | ||||||
24 | of the
Authority will not be sufficient for the payment of the | ||||||
25 | principal of and
interest on its bonds during the next State | ||||||
26 | fiscal year, the
Chairman, as soon as practicable, shall |
| |||||||
| |||||||
1 | certify to the Governor the
amount required by the Authority to | ||||||
2 | enable
it to pay such principal of and interest on the bonds.
| ||||||
3 | The Governor shall submit the amount so certified to the | ||||||
4 | General Assembly
as soon as practicable, but no later than the | ||||||
5 | end of the current State fiscal year.
This subsection shall not | ||||||
6 | apply to any bonds or notes as to which the
Authority shall | ||||||
7 | have determined, in the resolution authorizing the issuance
of | ||||||
8 | the bonds or notes, that this subsection shall not apply. | ||||||
9 | Whenever the
Authority makes such a determination, that fact | ||||||
10 | shall be plainly stated on
the face of the bonds or notes and | ||||||
11 | that fact shall also be reported to the
Governor. This | ||||||
12 | subsection (f) shall not apply to any bond issued on or after | ||||||
13 | the effective date of this amendatory Act of the 97th General | ||||||
14 | Assembly.
| ||||||
15 | In the event of a withdrawal of moneys from a reserve fund | ||||||
16 | established
with respect to any issue or issues of bonds of the | ||||||
17 | Authority to pay
principal or interest on those bonds, the | ||||||
18 | Chairman of the Authority, as
soon as practicable, shall | ||||||
19 | certify to the Governor the amount required
to restore the | ||||||
20 | reserve fund to the level required in the
resolution or | ||||||
21 | indenture securing those bonds.
The Governor shall submit the | ||||||
22 | amount so certified to the General Assembly
as soon as | ||||||
23 | practicable, but no later than the end of the current State | ||||||
24 | fiscal year.
| ||||||
25 | (g) The State of Illinois pledges to and agrees with the | ||||||
26 | holders of the
bonds and notes of the Authority issued pursuant |
| |||||||
| |||||||
1 | to this Section that the
State will not limit or alter the | ||||||
2 | rights and powers vested in the Authority
by this Act so as to | ||||||
3 | impair the terms of any contract made by the Authority
with | ||||||
4 | such holders or in any way impair the rights and remedies of | ||||||
5 | such
holders until such bonds and notes, together with interest | ||||||
6 | thereon, with
interest on any unpaid installments of interest, | ||||||
7 | and all costs and expenses
in connection with any action or | ||||||
8 | proceedings by or on behalf of such
holders, are fully met and | ||||||
9 | discharged. In addition, the State pledges to
and agrees with | ||||||
10 | the holders of the bonds and notes of the Authority issued
| ||||||
11 | pursuant to this Section that the State will not limit or alter | ||||||
12 | the basis
on which State funds are to be paid to the Authority | ||||||
13 | as provided in this
Act, or the use of such funds, so as to | ||||||
14 | impair the terms of any such
contract. The Authority is | ||||||
15 | authorized to include these pledges and
agreements of the State | ||||||
16 | in any contract with the holders of bonds or notes
issued | ||||||
17 | pursuant to this Section.
| ||||||
18 | (Source: P.A. 97-790, eff. 7-13-12.)
| ||||||
19 | (70 ILCS 535/7.5 new) | ||||||
20 | Sec. 7.5. Local government securities. Any local | ||||||
21 | governmental unit which is authorized to issue, sell, and | ||||||
22 | deliver its local government securities under any provision of | ||||||
23 | the Illinois Constitution or laws of this State may issue, | ||||||
24 | sell, and deliver such local government securities to the | ||||||
25 | Authority as provided by this Act, provided that and |
| |||||||
| |||||||
1 | notwithstanding any other provision of law to the contrary, any | ||||||
2 | such local governmental unit may issue and sell any such local | ||||||
3 | government security at any interest rate, which rate or rates | ||||||
4 | may be established by an index or formula which may be | ||||||
5 | implemented by persons appointed or retained therefor, payable | ||||||
6 | at such time or times and at such price or prices to which the | ||||||
7 | local governmental unit and the Authority may agree. Any local | ||||||
8 | governmental unit may pay any amount charged by the Authority. | ||||||
9 | Any local governmental unit may pay out of the proceeds of its | ||||||
10 | local government securities or out of any other moneys or funds | ||||||
11 | available to it for such purposes any costs, fees, interest | ||||||
12 | deemed necessary, premiums or revenues incurred or required for | ||||||
13 | financing or refinancing this program, including, without | ||||||
14 | limitation, any fees charged by the Authority and its share, as | ||||||
15 | determined by the Authority, of any costs, fees, interest | ||||||
16 | deemed necessary, premiums or revenues incurred or required | ||||||
17 | pursuant to this Act. All local government securities purchased | ||||||
18 | by the Authority pursuant to this Act shall upon delivery to | ||||||
19 | the Authority be accompanied by an approving opinion of bond | ||||||
20 | counsel as to the validity of such securities. The Authority | ||||||
21 | shall have discretion to purchase or otherwise acquire those | ||||||
22 | local government securities as it shall deem to be in the best | ||||||
23 | interest of its financing program for all local governmental | ||||||
24 | units taken as a whole.
| ||||||
25 | Section 99. Effective date. This Act takes effect upon |
| |||||||
| |||||||
1 | becoming law.".
|